The Federal Government has approved payments to more than 1,240 local contractors as part of efforts to clear verified debts owed across Ministries, Departments and Agencies. The Ministry of Finance says the payments follow a verification and reconciliation exercise to ensure only validated claims qualify for settlement.
According to a statement by the Senior Special Assistant on Communication and Press Secretary to the Minister of Finance, Mary-Ann Duke, contractors with verified claims of ₦100 million or less were prioritised in the latest round of payments. The approval was granted by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
The ministry says more than ₦700 billion in verified obligations to local contractors have been processed in recent months, with about ₦436.6 billion paid in May alone. It says the funds will help businesses return to project sites, pay workers, settle suppliers and support economic activity.
The government says the payments are intended to reduce outstanding liabilities, strengthen confidence in public financial management and support the delivery of public services and infrastructure projects across the country.
Also Read: ADC Sets Up Campaign Committees for Ekiti Governorship Election, Plans Door-to-Door Mobilisation
Leave feedback about this
You must be logged in to post a comment.