PROJECT VALUATION: LAGOS GOVT RENEWS CALL FOR STANDARD OPERATIONAL PROCEDURES
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Lagos State Government on Wednesday renewed calls for the adherence to Standard Operational measures in monitoring and evaluation of projects and programmes of the state.
The call was made at a one-day stakeholders’ forum on Monitoring and Evaluation processes aimed at familiarising various partners with the step-to-step procedures from procurement stages to the preparation of prepayment certification themed: “Unfreezing The Path To Precision In Project Documentation And Valuation Processes”.
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Commissioner for Economic Planning and Budget, Mr. Ope George said the challenges and probable solutions offered at the forum would serve as a roadmap in simplifying monitoring and evaluation processes.
George, represented by the Permanent Secretary of the Ministry, Mr. Ibrahim Obajomo, noted that the valuation procedures would help the state government to realise the value of monies spent on projects and programmes to the benefit of residents.
His words, “The challenges and potential solutions identified during this forum will serve as a roadmap for stakeholders across the state, facilitating seamless monitoring and evaluation processes. The outcomes of today’s deliberations will further ensure that, through our teamwork and dedication, the state government realises value for funds expended on projects, ultimately benefiting the citizens of Lagos State”.
In a Paper presentation, Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye highlighted the ‘Importance of Valuation in the Preparation of Prepayment Certification’. He said valuation holds significant importance in public procurement and payment processing for several key reasons including a check on project cost management; requirement for payment processes; assistance in preventing cost overrun; a tool to assure value for money and, Fairness and Transparency.
“Valuation in public procurement ensures fair pricing, equity in transparency, competition and safeguarding taxpayers’ funds. Factors like market prices, cost estimates, quality standards, and contractual terms are considered, along with inflation, currency fluctuations, and market trends for accurate valuation”, Ogunleye said.
He noted further that the requisite of valuation in public service is for apt budgeting; fairness and transparency; value for money; risk management; compliance; negotiation; resource allocation, conflict resolution and performance validation.
Enlightening the participants on contract engagement, the Director-General of the State’s Public Procurement Agency, Mr. Fatai Onafowote stressed the need to optimise contract efficiency by standardising the documentation process and terms of reference, highlighting that it is the one essential way to mitigate risks and enhance operational efficiency.
The Director-General also noted that due diligence in negotiation to arrive at a valuation is a win-win situation for the government as insiders and the stakeholders as outsiders, stressing that there is always room for review and renegotiation to ensure a win-win condition.
Earlier, in his welcome address, the Director, Economic Planning Department, Mr. Banjo Ogunsola stated that it is imperative to uphold internationally accepted best practices and adhere to Standard Operational Procedures (S.O.P) to ensure quality service delivery.
The Director, Monitoring and Evaluation Department, Mr. Fuad Oyede implored all to adhere strictly to the stated procedures to ensure no room for errors such as incomplete documentation, and inaccurate or omitted VAT rates to avoid disqualification or delay in processing and execution of projects.
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