President Umaru Musa Yar'Adua on Tuesday said that the Federal Government is working towards plugging all loopholes in order to ensure that diversion of public funds through questionable contract procedures is completely eliminated.

The President also stated that the government would continue to encourage local and foreign firms that have demonstrated support for local innovation, creativity and community development in their areas of operation. President Yar'Adua said the nation's contractors and consultants must understand the details of the Procurement Act and be ready to make sacrifices for the much needed transformation.

The forum is to enable those who do business with the Federal Government, especially contractors and consultants, to exchange ideas geared towards effective service delivery. He said that the Bureau is to develop, update, regulate, supervise and promote all relevant policy guidelines and serves as an oversight body in the procurement chain.