October 17, 2021

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FG to release new guidelines for contract agreement negotiations

The Federal Government says it will soon release new guidelines for those negotiating investment and trade contract agreements on its behalf.

Vice President Prof. Yemi Osinbajo stated this in Abuja while declaring open a two-day physical and virtual capacity building organised by the Independent Corrupt Practices and Other Related Offences Commission and Inter-Agency Committee for Stopping Illicit Financial Flows from Nigeria for middle level negotiators drawn from the ministries, departments and agencies of government.

He said this was to improve the terms of engagement and mitigate illicit financial flows by negotiators on behalf of the government.

Osinbajo, who further attributed corruption, compromise and lack of transparency for poor contract negotiations and implementation in Nigeria, said these had resulted in huge loss of revenue through illicit financial flows from Nigeria.

ICPC Chairman of ICPC, Bolaji Owasanoye, said the fresh draft guidelines for negotiating contract agreements would be prepared by the Inter-Agency Committee for Stopping Illicit Financial Flows from Nigeria and presented to the Office of the Attorney-General of the Federation.