FG CLEARS NO FEWER THAN 1,240 CONTRACTOR PAYMENTS, FOSTERS TO SETTLE GOVERNMENT DEBTS



The Federal Ministry of Finance has approved the payment of outstanding obligations to more than 1,240 contractors engaged by various Ministries, Departments, and Agencies (MDAs), in a significant move aimed at clearing long-standing government debts and stimulating business activities across the country.

The approval, announced on Monday, follows an extensive verification and reconciliation exercise conducted to authenticate outstanding claims and ensure that only legitimate obligations are settled.

In a statement issued by Mary-Ann Duke, Senior Special Assistant on Communication and Press Secretary to the Minister of Finance, the ministry disclosed that priority is being given to verified claims valued below N100 million.

According to the statement, the initiative is part of the Federal Government’s broader commitment to addressing legacy debts, improving contractors’ cash flow, and strengthening confidence in public financial management.

The ministry noted that settling the verified obligations would provide much-needed relief to affected businesses, many of which have faced financial strain due to delayed payments. It also emphasized that the exercise reflects ongoing efforts to promote transparency, accountability, and efficiency in government expenditure.

Officials expressed confidence that the payments would not only support contractors and their employees but also contribute to economic growth by injecting funds back into productive sectors of the economy.

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