In this hard time when Nigeria is having problems in satisfying her taste for foreign goods (both capital and consumable), it is beneficial to the nation if all our projects are subjected to the acid test of value for money audit.
The basic aim and objectives of value for money audit are:
- ECONOMY
The practice by management of virtue of thrift and good housekeeping, an economical operation acquires resources in appropriate quality and quantity at the lowest cost.
- EFFICIENCY
Making sure that the maximum useful output is gained from resources devoted to each. Activity or alternatively that only the maximum level of energy and work necessary is used for a given level of output.
- EFFECTIVENESS
Ensuring that the output from any given activity has achieved the desired result.
