Public Procurement and Contract Administration in Nigeria

PUBLIC PROCUREMENT AND CONTRACT ADMINISTRATION Overview of Procurement Procurement is the acquisition of goods, works and services at the best total cost of ownership, in the right quality and quantity and at the right time. It also involves the acquisition of goods and services at the right place and from the right source. Public Procurement is the acquisition of goods, works and services by Government Ministries Departments and Agencies. In an effort to provide development and fulfil campaign promises, governments all over the world are involved in large scale procurement of goods, works and services. Public Procurement account for substantial part of most countries GDP. The establishment of good public procurement system is increasingly being viewed as measure of accountability and transparency. The responsibility of government to ensure transparency is also increasingly becoming a serious campaign issue. Public Procurement helps ensure the judicious use of public resources. An efficient Public Procurement System will ensure at all times government acquisition of goods, works, and services are done with due regard to: · Economy; · Efficiency; · Fairness; · Reliability; · Transparency; and · Accountability and Ethical Standards. Economy: This will ensure that the procuring entity obtain the best value for the money expended. Value may include more than price. It includes quality, and timely delivery of the goods or services. However, the ultimate aim of a sound procurement is to obtain the maximum value for money. Efficiency: A good procurement must be seen to be positive. It should be devoid of bottlenecks and other forms of inefficiencies. A good procurement system is devoid of protracted delays. It must be simple and swift. Fairness: A good system will ensure fairness to all bidders and will be impartial, consistent, and reliable. It will ensure level playing field to all contractors, suppliers and