FG promises transparent settlement of contractors’ debts
The Federal Government has assured indigenous contractors that it is taking steps to settle outstanding debts owed for completed projects and services across the country, promising a transparent and well-structured
The Federal Government has assured indigenous contractors that it is taking steps to settle outstanding debts owed for completed projects and services across the country, promising a transparent and well-structured process that takes into account the current economic realities facing the nation.
The assurance was given during a high-level meeting between officials of the Federal Ministry of Finance and representatives of the All-Indigenous Contractors Association of Nigeria in Abuja on Monday.
According to a statement issued by the Head of Information and Public Relations Unit of the Ministry of Finance, Mrs. Efe Ovuakporie, the meeting focused on unresolved payments linked to capital projects and efforts to address the long-standing concerns of local contractors over delayed government obligations.
Speaking during the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said the government is committed to resolving verified claims in a fair and accountable manner while ensuring that the process aligns with ongoing fiscal reforms.
He explained that settling the outstanding obligations is important not only for contractors but also for economic stability, job creation and public trust in government institutions.
“Resolving these obligations is important not just for contractors, but for confidence in government, job creation, business continuity, and overall economic stability,” the minister said.
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Oyedele acknowledged the frustrations expressed by contractors over delayed payments, changes in contract costs and the difficulties created by current economic reforms on project implementation.
He assured the contractors that the government is already working with relevant agencies and institutions to verify claims and create a sustainable framework for settling the debts.
According to him, the administration remains focused on implementing key economic reforms aimed at stabilising the economy, but noted that government would continue to engage stakeholders in order to reduce the impact of such reforms on businesses and project delivery.
“The government recognizes the critical role local contractors play in infrastructure development and economic growth. We are determined to resolve all outstanding issues through structured engagement within the framework of fiscal responsibility,” he added.
The minister stressed that indigenous contractors remain important partners in the country’s infrastructure development efforts and economic growth agenda, noting that resolving the payment issues would also help many businesses remain operational and protect jobs.
The meeting was attended by senior government officials including the Permanent Secretary of the Federal Ministry of Finance, Mr. Raymond Omachi; Permanent Secretary, Special Duties, Mr. Mohammed Sanusi Danjuma; Accountant-General of the Federation, Mr. Shamseldeen Ogunjimi; as well as directors from the Ministry of Finance and the Office of the Accountant-General of the Federation.
Representatives of the All-Indigenous Contractors Association of Nigeria welcomed the dialogue with the ministry and expressed optimism that the renewed engagement would produce practical solutions to the long-standing payment issues.
The contractors also pledged continued cooperation with the Federal Government to ensure the successful execution and timely completion of critical infrastructure projects across the country.
