Finance Ministry Releases \u20a6436.6bn to 1,240 Local Contractors in May<\/p>\n
The Federal Ministry of Finance has approved the release of \u20a6436.6 billion to more than 1,240 local contractors in May, providing immediate liquidity support to businesses across the country and reinforcing the Federal Government’s commitment to meeting its financial obligations.<\/p>\n
The approval, granted by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, follows a diligent verification and reconciliation undertaken by the Ministry to ensure that only duly validated obligations qualify for payment. This latest disbursement brings total payments to local contractors in the past few months to over \u20a6700 billion.<\/p>\n
The payments cover contractors across various Ministries, Departments and Agencies, MDAs, and represent a significant step in addressing long-standing payment obligations, particularly those affecting indigenous businesses and small and medium-sized enterprises, SMEs.<\/p>\n
Contractors prioritised for payment in the most recent batch are those with verified claims of \u20a6100 million or less. The release of funds is expected to provide immediate relief to hundreds of businesses, enabling them to return to project sites, pay workers, settle suppliers, meet financial commitments, and support economic activity across the country.<\/p>\n
According to a statement by Efe Ovuakporie, Head of Information and Public Relations, the disbursements show the Ministry\u2019s commitment to turning policy into results by settling inherited obligations transparently and responsibly. By prioritising a large number of smaller contractors over a few large beneficiaries, the Government is widening the economic impact and supporting businesses across sectors and regions.<\/p>\n
By prioritising a large number of smaller contractors rather than concentrating payments among a few large beneficiaries, the Government is broadening the economic impact of these disbursements, supporting businesses across different sectors and regions of the country.<\/p>\n
The latest payments are expected to strengthen confidence among contractors, suppliers, and service providers doing business with government by demonstrating the Government’s commitment to honouring duly verified obligations.<\/p>\n
For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth.<\/p>\n
The Ministry remains committed to maintaining fiscal discipline while ensuring that legitimate obligations are settled in a timely manner going forward to substantially reduce outstanding liabilities over time, strengthen confidence in public financial management, and support the effective delivery of public services and infrastructure.<\/p>\n","protected":false},"excerpt":{"rendered":"
Finance Ministry Releases \u20a6436.6bn to 1,240 Local Contractors in May The Federal Ministry of Finance has approved the release of \u20a6436.6 billion to more than 1,240 local contractors in May, providing immediate liquidity support to businesses across the country and reinforcing the Federal Government’s commitment to meeting its financial obligations. The approval, granted by the […]<\/p>\n","protected":false},"author":4,"featured_media":150874,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,18],"tags":[3047,2928,3048],"class_list":["post-150871","post","type-post","status-publish","format-standard","has-post-thumbnail","category-finance","category-news","tag-local-contractors","tag-mr-taiwo-oyedele","tag-payments"],"yoast_head":"\n