In a bid to jump-start the economy and reduce waste on projects, the group managing director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru has advocated the activation of project performance measurement and proper bench-marking mechanism across all tiers of public sector expenditure.
The NNPC boss made the call while delivering a paper entitled ‘Performance Measurement and Bench-marking as a Pillar of Value for Money in Public Expenditure’ at the 2016 edition of the National Council of Finance and Economic Development in collaboration with the Federal Ministry of Finance (NACOFED) in Abeokuta on Wednesday, a statement from Garba Deen Mohammed, NNPC group general manager, group public affairs division has said.
According to the statement, Baru noted that the time has come for Nigeria to employ efficient management systems for the country to record growth and development.
“We at NNPC are at the forefront in performance measurement and bench-marking value for money in the oil and gas industry. The Project Sanctioning and Approval Procedure (PSAP) and Business Intelligence (BI) are some of the initiatives we have adopted for bench-marking performance measurement in NNPC,” Dr. Baru stressed.
The GMD stated that as a nation, the quest for project performance measurement must reflect proper bench-marking to drive efficiency and effectiveness in all operations.
He commended the Minister of Finance, Kemi Adeosun for introducing various initiatives that would promote probity and accountability in all ministries, department and agencies of the Federal Government.
The theme of NOCOFED 2016 is ‘Enhancing Revenue Generation and Obtaining Best Value for Money in Expenditure.’
