Punjab’s market revolution is being written not in abstract policy papers but in the ledgers, audit reports, and delivery records of its bazaars. At the center of this transformation is Naveed Rafaqat Ahmad, a British-qualified chartered accountant turned reformist leader, who has rebuilt what many once dismissed as a “white elephant” into one of the province’s flagship welfare programs.
A Chartered Accountant in Public Reform
LAHORE: (UrduPoint/Pakistan Point News-July 27, 2025) Ahmad’s credentials are formidable: Chartered Accountant (ICAEW), SECP-certified Director, UK-trained business Analyst, and a career spanning more than 15 years of turning around balance sheets for multinationals and contributing to World Bank projects. But it is his pivot to the public sector in 2016 that defines his reputation.
As CFO and Company Secretary of the Punjab Model Bazaars Management Company (PMBMC), and later as its CEO from 2024, Ahmad inherited a welfare idea without a working model. Revenues were weak, controls were leaky, and trust was scarce. Under his leadership, the company — now elevated as the Punjab Sahulat Bazaars Authority (PSBA) — has become a disciplined, inclusive, and self-sustaining retail platform serving millions of citizens.
Structure Before Slogans
When Ahmad took charge, bazaars were often ridiculed as politically driven showcases that drained more than they delivered. He began with fundamentals: redesigning the organogram, enforcing SOPs, tightening internal controls, and building a transparent revenue model.
The results are measurable. From PKR 38.8 million in annual revenue with a PKR 14.31 million deficit, PMBMC under Ahmad’s stewardship surged to PKR 1.545 billion revenue and a PKR 14.628 million surplus in FY 2023–24. Independent auditors — an “A-rated” firm on the State Bank’s panel — validated the accounts. This financial discipline won Not-for-Profit tax-exempt status from FBR and an 84% compliance rating from the Pakistan Centre for Philanthropy.
Governance reforms were codified into practice: service regulations, codes of conduct, conflict-of-interest rules, whistle-blower protections, HSE and risk frameworks. In short, Ahmad shifted the institution from ad hoc to rules-bound.
Scaling with Purpose
Ahmad also proved that welfare retail can be scaled responsibly. A typical Sahulat Bazaar now houses around 150 stalls. With 50 bazaars active, that means some 7,500 operating units — many run by women or family businesses — indirectly supporting ~270,000 people. Under the Rs. 10 billion ADP 2025–26 plan for 100 bazaars, the support base will exceed half a million.
Affordability is where citizens feel the reform. Independent checks confirm basket items are ~35% below open-market rates (≈ PKR 74 million in consumer savings). Even against DC-notified prices, stalls average ~7% lower, delivering another ≈ PKR 14.7 million in relief. Ahmad’s model avoids subsidy dependence, instead relying on bulk procurement, transparent vendor allocation, and enforced competition.
Innovation: Digital Reach and Mobile Markets
Where USC faltered in modernization, Ahmad innovated. Recognizing that not all neighborhoods could host permanent markets, he introduced “Sahulat on the Go”, a Rs. 675 million mobile market program. These units take essential goods directly to dense and underserved areas, lowering both access barriers and operating costs.
At the same time, he pioneered Punjab’s first free home delivery platform for essentials. Run without delivery subsidies, it processed more than 163,000 orders in its first year (~PKR 210 million in transactions) — clear proof that demand for affordable goods extends well beyond walk-in customers.
Cutting Costs, Greening the Grid
Ahmad also attacked recurring costs. Solarization pilots cut the Township Bazaar’s monthly electricity bill from PKR 1.157 million to ~PKR 100,000 — a 90% reduction. Province-wide rollout is now underway, ensuring that bazaars remain financially viable while aligning with Punjab’s green energy agenda.
Savings on O&M allow stall rents to remain modest — between PKR 8,000–15,000 — while still covering utilities, sanitation, and security. This ensures that micro-entrepreneurs can sustain their businesses without cross-subsidy distortions.
Expansion with Transparency
Under Ahmad, expansion has combined speed with transparency. Backed by PKR 2.5 billion in startup funds and land transfers from the board of Revenue, the program expanded to 13 new districts in 2024, including Muzaffargarh, Okara, and Jhelum.
Balloting of stalls shifted to a shortlist-then-lottery system — skills-first and trade-relevant — ensuring that allocations went to actual operators, not speculators. Each process is now audit-defensible, removing the rent-seeking that once plagued welfare schemes.
Public Recognition and Impact
Execution at scale has earned Ahmad widespread recognition. He has received Awards for Excellence in Financial and Governance Standards, Exceptional Leadership citations, and the Chief Minister’s Certificate of Recognition. More telling, however, is the economic impact: more than 60,000 livelihoods supported across vendors, logistics, and upstream producers.
Ahmad’s policies also introduced Sahulat Stalls linking consumers directly to farmers, cutting out middlemen. In the 2024 season, consumers enjoyed price relief of 21–63% on staples such as potatoes, watermelon, and mangoes, while farmers earned fairer margins.
