Nigeria’s Federal Government has cleared more than ₦700 billion in verified debts owed to local contractors, giving a major boost to businesses and project execution nationwide.
According to The PUNCH, over 1,240 contractors across Ministries, Departments and Agencies have now received payment approvals following a verification and reconciliation exercise. The Ministry of Finance said about ₦436.6 billion of the total was processed in May alone.
Officials noted that contractors with verified claims of ₦100 million or less were prioritised, a move aimed at supporting indigenous firms and small businesses struggling with liquidity challenges.
The government said the payments would help contractors return to project sites, pay workers, settle suppliers and stimulate economic activity. Authorities described the disbursement as part of efforts to clear inherited liabilities responsibly.
NEWS NOW:
