Abuja, Sep 30, 2016 – In a bid to jumpstart the economy and reduce unnecessary wastages on projects, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Maikanti Baru has advocated the activation of project performance measurement and proper benchmarking mechanism across all tiers of public sector expenditure.
Delivering a paper titled ‘Performance Measurement and Benchmarking 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, Dr. 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 benchmarking 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 benchmarking performance measurement in NNPC,” Dr. Baru noted.
The GMD stated that as a nation, the quest for project performance measurement must reflect proper benchmarking to drive efficiency and effectiveness in all operations.
He commended the Minister of Finance, Mrs. 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.’
