2023 Budget: Steps, Requirements for Businesses, Companies to Win Federal Government Contracts
- President Muhammdu Buhari has submitted 2023 expensidture plan to the National Assembly
- The budget contained details of projects ministries, parastatals, and agencies want to implement
- Any company or business in Nigeria can bid on any of the projects, however there are steps, requirements that must be taken and fulfilled to qualify
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Registering with the Federal Government as a contractor, consultant, or service provider is simple.
However, steps must be followed to be one of the hundreds of firms that will be involved in executing the 2023 budget submitted to the National Assembly.
According to 2023 budget details, the federal government aims to spend N20.1 trillion on infrastructure and other projects in 2023.
Source: Depositphotos
This is Nigeria's highest expenditure plan in a fiscal year in history.
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Requirements to qualify to be a government contractor
According to information obtained from the Bureau of Public Procurement (BPP) there are expectations for companies, and businesses seeking to be part of the 2023 budgets.
BPP also noted that no payment is required in order to be registered on the system.
The information reads:
"Companies with less than fifteen (15) personnel are not required to pay pension contributions on behalf of their employees, and as such do not require a National Pension Commission (Pencom) compliance certificate.
"Companies with less than five (5) personnel or less than Fifty (50) Million Naira annual turnover are not required to pay Industrial Training Funds (ITF) and as such do not require ITF compliance certificate."
BPP also warned that for companies that make false declarations and submissions could face sanctions.
It clearly states:
"Anyone who submits false information could face prosecution, debarment and disqualification for 10 years from public procurement in line with the provision of section 58 of PPA, 2007."
You will recall that Legit.ng announced the names of 25,654 companies in Nigeria that were issued compliance certificates.
The certificate cleared the companies to bid for contracts in Ministries, Departments and Agencies.
Registration requirements
To register your company on the system, BPP said companies will provide Company (CAC) Registration Number, Company Type, FIRS (TIN), Company Address Details and Company Contact Information.
After this, the credential (Username and Password) is sent shortly to the Unique Contact Email Address provided.
Using your credential (Username and Password), login to the website and provide the following Data about your company:
- Board of Directors
- Group Company Registration
- Business Category Information
- Professional Regulatory Bodies Information (For Services Companies only)
- Manufacturer Representation Information (For Goods category only)
- Construction Equipment List (For Works category only)
- Financial Capacity
- Key Human Resources
- Projects Completed
Telecom companies reject enforcement of excise duties by FG
In another development, telecom associations and companies at a forum with the federal government rejected the implementation of the excise duties on the sector.
Telecom subscribers are now expected to pay 5% excise duties in a bid to raise revenue for the federal government.
It was gathered that the decision was necessary following the recent state of the economic downturn in the country
Source: Legit.ng
