The Federal Government has processed payments exceeding N700bn in verified obligations owed to local contractors over the past few months, including N436.6bn disbursed in May alone, as part of efforts to clear long-standing debts and boost economic activity.
The Federal Ministry of Finance disclosed this in a statement issued on Monday by its Director of Information and Public Relations, Efe Ovuakporie, noting that payments had also been approved for more than 1,240 contractors across various Ministries, Departments and Agencies.
According to the ministry, the approvals were granted by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, following a verification and reconciliation exercise to ensure that only duly validated claims qualified for payment.
The ministry said the latest disbursements represented a major step towards addressing inherited payment obligations, particularly those affecting indigenous businesses and small and medium-sized enterprises.
It stated, “The Federal Ministry of Finance has approved
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