FG Approves N700 Billion Payment to 1,240 Contractors

The Federal Government of Nigeria has approved payments to 1,240 contractors, following a verification and reconciliation exercise of outstanding obligations. According to a statement from Mari Ann Duke, Senior Special Assistant to the Minister of Finance, the latest batch of payments, amounting to N100 million, is intended to provide immediate liquidity support to businesses across the country.

This initiative reinforces the government's commitment to meeting its financial obligations and aims to relieve indigenous businesses, particularly small and medium-sized enterprises (SMEs), enabling them to return to project sites, pay workers, and settle suppliers. The Federal Ministry of Finance has processed approximately N700 billion in verified obligations owed to local contractors in recent months, with about N436.6 billion transacted in May alone.

The latest payments are expected to boost confidence among contractors and suppliers, helping sustain operations and preserve jobs. Dori Uzoka Anit, a former Minister of State for Finance, has engaged with the Senate's constitutional committee regarding grievances from contractors.