Fed Govt loses 30% procurement budget
The Chartered Institute of Purchasing and Supply Management of Nigeria on Wednesday said the country loses about 30per cent of her procurement budget yearly due to ineffective and inefficient procurement process and system.A report by the World Bank revealed that most countries spend between 80 per cent to 90per cent of their budget on procurement. One can only imagine the amount that will have been wasted due to inefficient procurement process.
He said: “Nigeria wastes at least 30 per cent of the money earmarked for procurement due to ineffective procurement system and process. “There is no gain saying that some people are hell bent on manipulating the procurement profession and professionalism in order to continue with the mess.”
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