NIGERIAN GOVERNMENT TO LOOK INTO ISSUE OF PROJECTS COST INFLATION

The Nigerian government says it is worried over inflation of project costs for pecuniary gains in the construction sector.

Babatunde Fashola, Nigeria’s Minister of Power , Works and Housing, stated this at the 2017 National Project Cost Reduction Summit organised by the Quantity Surveyors Registration Board of Nigeria.

The event, which held in Abuja, was themed, ‘Fighting corruption through proper project costing in Nigeria ’.

Mr. Fashola noted that corruption, as exemplified by inflation of project cost, impedes the nation’s development plan.

He, however, added that the administration of President Muhammadu Buhari was determined to stamp out corruption in the sector.

The former Lagos State governor, who was represented by the Head of Department, Public Building in the ministry, Sani Gidado, noted that inflation of project costs was a menace that must be tackled if the nation was to achieve infrastructural development.

The minister described the construction sector as one of the most important in any economy, largely due to its profound effects on other sectors and the overall economy.

“One of the root causes of high costs of projects in this sector is corruption in the deliberate inflation of project costs to satisfy pecuniary interests,” Mr. Fashola said.

“This has far reaching negative consequences on national development and the economic well- being of the people.

“It is accordingly for this reason that the present administration of President Muhammadu Buhari is confronting the vices of corruption and graft in our national life head on. The fight against corruption should be embraced by every Nigerian.”

The minister suggested that high costs of projects in the construction sector could be tackled through systematic project costing regime.

This, Mr. Fashola said, would guarantee availability of more funds for the development of infrastructure.

PREMIUM TIMES

 


 

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