Abuja: In a heartening development for businesses across the country, the Federal Ministry of Finance has extended a lifeline to more than 1,240 local contractors by approving their payments.
This decision not only underscores the government’s commitment to fulfilling its financial obligations but also signifies a beacon of hope for small businesses and entrepreneurs, as shared in a statement by Efe Ovuakporie, the Head of Information at the Ministry, in Abuja on Monday.
The approval, spearheaded by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, comes after a thorough verification process conducted by the ministry.
This meticulous scrutiny ensures that only legitimate obligations are met, reflecting a dedication to transparency and accountability in financial matters.
The payments encompass contractors from diverse Ministries, Departments, and Agencies (MDAs), marking a significant stride towards alleviating longstanding financial burdens, especially for indigenous businesses and small to medium-sized enterprises (SMEs).
Notably, the recent round of payments prioritised contractors with verified claims amounting to N100 million or less, aiming to provide immediate relief to those in need.
The infusion of funds is poised to breathe new life into hundreds of businesses, enabling them to resume operations, compensate their hardworking employees, settle overdue bills, honour financial commitments, and invigorate economic activities nationwide.
Ovuakporie emphasised that this initiative underscores the ministry’s unwavering dedication to translating policies into tangible outcomes by addressing accumulated obligations in a transparent and responsible manner.
In recent months, the Federal Government has processed payments exceeding N700 billion across various categories of verified obligations owed to local contractors.
Notably, in May alone, transactions totalling approximately N436.6 billion were processed, showcasing the government’s proactive stance in supporting local businesses and fostering economic growth.