The Senate has passed a bill that mandates all ministries, departments and agencies to give first option priority to Nigerian businesses in the procurement process.
The Public Procurement Amendment Bill will also encourage those who have chosen to invest in Nigeria. “As we promote ‘Buy in Nigeria’, we must also promote ‘Make in Nigeria’”, senate president, Bukola Saraki said.
“This amendment will also support the implementation of the 2016 budget by slashing the days for processing contracts in half.
The Public Procurement Bill is aimed at making our procurement system work on behalf of all Nigerians, support the implementation of the budget, and stimulate the growth of the Nigerian economy by creating more opportunities for small and medium scale business owners.
It is our hope that a substantial percentage of the N6 Trillion in the 2016 Budget will be retained in Nigeria and in the pockets of Nigerians,” Saraki added.
The senate will send the bill to the House of Representatives for concurrence, after which it will be sent to the president for assent.
Source: Bella Naija