Nigerian Quantity Surveyors Commit to Enhancing Fiscal Responsibility
In a significant step toward improving public financial management in Nigeria, the Nigerian Society of Quantity Surveyors (NIQS) has pledged to provide forensic cost auditing expertise to Federal Government Ministries and Agencies (MDAs). This initiative aims to strengthen the review process during high-risk phases such as pre-expenditure assessments and Medium-Term Expenditure Framework (MTEF) evaluations, effectively tackling issues like contract inflation, value misrepresentation, and procurement fraud.
Formal Agreement Signed with Fiscal Responsibility Commission
NIQS Chairman Dr. Aminu Mohammed Bashir made this commitment during a Memorandum of Understanding (MoU) signing ceremony with the Fiscal Responsibility Commission (FRC) in Abuja over the weekend. Established by the Fiscal Responsibility Act of 2007, the FRC’s primary role is to promote macroeconomic stability, ensure fiscal transparency, and advocate for the prudent management of the nation’s resources.
Emphasis on Transparent and Prudent Public Spending
In a statement from Bede Ogueri Anyanwu, Deputy Director General of the FRC Strategic Communications Directorate, Dr. Bashir underscored the importance of professional cost information in executing capital projects. He emphasized that achieving transparent and prudent public spending is only possible through a dedicated focus on cost management.
Deepening Collaboration for Effective Resource Management
Describing the relationship between NIQS and the FRC as one grounded in shared values, Bashir noted that both organizations are committed to responsible and transparent management of public resources. He reminded attendees that the initial MoU signed on October 22, 2021, represented a formal acknowledgment of this partnership, with the renewed agreement aimed at enhancing collaboration further.
Critical Role of Quantity Surveyors in Cost Management
Highlighting the essential functions of quantity surveyors, Bashir pointed out that they play a pivotal role in overseeing construction costs from project inception to final settlement. They are instrumental in safeguarding public funds by ensuring accountability and transparency, identifying inflationary practices, and providing forensic evidence in instances of contract manipulation.
Joint Initiatives to Combat Procurement Fraud
Dr. Bashir indicated that the cooperation between NIQS and the FRC is not merely opportunistic but rather a vital necessity for effective governance. The NIQS is committed to supporting the Commission through collaborative physical verification exercises to ensure that projected budgets and expenditure reports accurately reflect actual project conditions. The institute will also lend its expertise in forensic cost auditing to identify discrepancies and enhance fiscal prudence.
Professional Development for Improved Efficiency
Bashir also pledged to assist in the professional development of FRC staff through training in construction economics, capital project cost management, and procurement integrity. At the event, Acting FRC Chairman, Mr. Charles Chukwuemeka Abana, expressed gratitude for the NIQS’s goodwill following his appointment and acknowledged the positive, longstanding relationship between the two organizations.
Strengthening the Path Towards Fiscal Discipline
Mr. Abana reiterated that the partnership between the FRC and NIQS not only holds mutual benefits but also plays a critical role in fostering transparency, accountability, and value for money in public financial management. He acknowledged the enhancements brought about by the previous MoU, which has significantly improved the Commission’s capital project validation efforts, attributing this success to the professional support provided by NIQS experts.
Looking Ahead to Future Collaboration
Looking towards the future, Abana revealed that NIQS had already submitted candidates to participate in the Commission’s upcoming 2026 Capital Projects Verification Exercise, set to commence next month. He expressed optimism about ongoing cooperation and emphasized the Commission’s commitment to working alongside NIQS to achieve shared objectives for national development.
