FG Approves N4.7 Trillion Payments to Local Contractors

The Federal Government of Nigeria has approved the payment of outstanding debts to 1,240 local contractors, totaling approximately N4.7 trillion. This announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyeleke, following a thorough verification and reconciliation process by the ministry.

The approval aims to provide immediate liquidity support to businesses across the country, particularly benefiting indigenous contractors and small to medium-sized enterprises (SMEs). The contractors had previously staged protests demanding payment of their debts, which led to significant disruptions.

The recent approval is part of a broader effort by the government to address long-standing payment obligations and enhance economic activity. The payment process is expected to strengthen confidence among contractors and suppliers, ensuring that projects can continue and jobs are preserved.

The government has processed over N700 billion in payments to local contractors in recent months, demonstrating a commitment to fiscal responsibility and timely settlement of obligations.