Poorly negotiated contracts milking Nigeria’s economy —Osinbajo

Vice President Yemi Osinbajo, on Monday, lashed out at officials negotiating contracts on behalf of Nigeria, saying that they are bereft of the required knowledge to represent the country.

Speaking at the opening of a two-day physical and virtual capacity building training for Nigerian negotiators organised by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Osinbajo noted that the quality of the officials who represented the country at negotiations reflects in the nation’s economy.

He stressed that the poorly negotiated agreements and poor monitoring were the prominent causes of financial losses by nations.

He said: “People must be held responsible for poorly negotiated contracts while transparency and due process must be encouraged.”

Read also: Witness narrates how ex-Jigawa gov, Sule Lamido allegedly received kickbacks for contracts

In his speech, the Chairman of ICPC, Prof Bolaji Owasanoye, while speaking on ‘Guidelines for Negotiating International Agreements for Economic Development,’ said that development is the essence of governance.

Tbe Special Assistant to the President on Economic Matters, Dr Yemi Dipeolu, who also spoke at the event said the nation must develop “a corps of negotiators who could tackle the menace of illicit financial flows.”

The training was organised in collaboration with the Inter-Agency Committee on Stopping Illicit Financial Flows from Nigeria.

By John Chukwu…

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now