Federal Ministry of Finance Approves Payments to Contractors

On June 8, 2023, the Federal Ministry of Finance approved payments to 1,240 local contractors, reinforcing the federal government's commitment to meet its financial obligations. The approval, coordinated by Minister of Finance Mr.

Taiwo Oyedele, follows diligent verification and reconciliation processes to ensure valid obligations qualify for payment. This payment covers contractors across various ministries, departments, and agencies (MDAs) and represents a significant step in addressing longstanding payment obligations that have particularly affected indigenous businesses and small and medium-sized enterprises (SMEs).

The recent batch of verified claims amounts to 100 million naira or less, with funds expected to provide immediate relief to hundreds of businesses, enabling them to return to project sites, pay workers, and settle suppliers. The ministry has processed payments exceeding 700 billion naira across various categories of verified obligations to local contractors in recent months, demonstrating a significant acceleration in payment activities aimed at unlocking liquidity to support economic growth.