The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has initiated engagement with local contractors to resolve outstanding federal government obligations, signalling a renewed push to restore confidence in public sector financing.
At a high-level meeting held in Abuja, the minister assured contractors that verified debts would be settled through a fair, transparent, and structured process aligned with ongoing economic reforms.
Focus on Transparency and Accountability
According to a statement from the ministry’s spokesperson, Efe Ovuakporie, the meeting brought together representatives of the All-Indigenous Contractors Association of Nigeria to address long-standing payment delays tied to capital projects.
Oyedele emphasised that resolving these obligations is critical not only for contractors but also for broader economic stability.
“Resolving these obligations is important not just for contractors, but for confidence in government, job creation, business continuity, and overall economic stability,” he said.
Addressing Longstanding Payment Delays
The engagement focused on reconciling outstanding claims, improving accountability, and developing a credible framework for payment.
The minister acknowledged contractors’ concerns over delayed payments, contract variations, and the impact of fiscal reforms on project execution. He noted that the government is working with relevant institutions to verify claims and implement a sustainable payment structure.
Balancing Fiscal Discipline and Obligations
Oyedele stressed that while the government remains committed to economic reforms, it will also ensure that legitimate obligations are honoured responsibly.
“The government recognises 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.
Contractors Express Optimism
Representatives of the contractors welcomed the initiative, describing it as a step toward resolving a prolonged impasse with the government. They expressed optimism that the dialogue would translate into practical solutions and pledged continued cooperation to ensure timely delivery of infrastructure projects.
Key Officials Present
The meeting was attended by senior government officials, including the Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi; Permanent Secretary (Special Duties), Mohammed Sanusi Danjuma; and the Accountant-General of the Federation, Shamseldeen Ogunjimi, alongside directors from relevant departments.
