FG vows to tackle contract inflation costs in construction sector

Date:

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

Thank you for reading this post, don't forget to subscribe!

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.

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Share post:

Subscribe

Popular

More like this
Related

Access Holdings to pay N1.80 as final dividend to shareholder

March 28, 2024. Azonuchechi Chukwu. Access Holdings has revealed plans to...

Police gun down two notorious bandits in Benue

March 28, 2024. Azonuchechi Chukwu. Men of Operation Zenda, a Joint...

Army declares eight wanted in connection with the k!lling of its officers in Okuama

March 28, 2024. Azonuchechi Chukwu. The Nigerian Army has declared eight...

Naira Appreciates Against Dollar at the NAFEM Window

March 28, 2024. Azonuchechi Chukwu. The Naira’s euphoric appreciation against the...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading