The Bureau of Public Procurement on Thursday announced a comprehensive revision of public procurement thresholds for federal Ministries, Departments, and Agencies, aimed at reducing bureaucratic delays and improving efficiency in contract awards.
In a press statement by the Head of Public Relations at the BPP, Zira Nagga, the changes, approved by President Bola Tinubu, reflect Nigeria’s current economic realities, including rising inflation and shifting market dynamics.
“The revised thresholds directly respond to rising inflation, shifting market dynamics, and the pressing need to reduce bureaucratic bottlenecks that impede timely contract awards and budget execution.
“With these adjustments, more procurement responsibilities will now be delegated to Ministerial and Parastatal Tenders Boards and Accounting Officers, thus decongesting the Federal Executive Council of routine procurement matters and allowing it to focus on broader national policy issues,” the statement said.
Under the new framework, contracts valued at N5bn and above for goods and consultancy services and N10bn and above for works will require Federal Executive Council approval.
Contracts below these thresholds will be approved by Ministerial Tenders Boards, Parastatal Tenders Boards, or Accounting Officers according to specified monetary bands.
