FG Settles Over ₦700bn Contractor Debts, Reaches 1,240 Firms

The Federal Government has approved payments totalling more than ₦700 billion to clear verified debts owed to local contractors in recent months. In May alone, ₦436.6 billion was disbursed. A detailed reconciliation process ensured only legitimate claims were settled. Approvals from the Finance Ministry covered over 1,240 contractors across various government agencies, with priority given to claims of ₦100 million or less. This initiative aims to ease financial pressures on small and medium-sized enterprises, unlock liquidity, and support stalled projects. The ministry expects the timely payments to help businesses pay workers, settle suppliers, resume operations, and boost economic activity nationwide.

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