FG approves ₦700B payments to 1,240 contractors nationwide

Federal Ministry of Finance approves payments to over 1,240 contractors nationwide, providing immediate liquidity support to businesses across the country. Minister Taiwo Oyedele authorized the payments after diligent verification of claims.

The latest batch prioritizes contractors with verified claims of ₦100 million or less, focusing on indigenous businesses and SMEs. This represents a significant step in addressing long-standing payment obligations that have stalled business operations nationwide.

Over recent months, FG has processed payments exceeding ₦700 billion to local contractors, with ₦436.6 billion processed in May alone. By prioritizing smaller contractors, the government aims to broaden economic impact across different sectors and regions, helping businesses return to project sites, pay workers, and settle suppliers.

For Nigerian businesses awaiting payments, this demonstrates renewed government commitment to honoring verified obligations. How will this liquidity injection affect your business operations and financial planning?

SOURCE: https://www.channelstv.com/2026/06/08/fg-approves-payments-to-1240-local-contractors/