Finance Ministry Approves Payments to Over 1,240 Contractors

By Tgnews Reporter

The Federal Ministry of Finance has approved the settlement of outstanding payments to more than 1,240 contractors engaged by various Ministries, Departments, and Agencies (MDAs), in a move aimed at clearing verified government debts and supporting business operations across the country.

The approval follows a comprehensive verification and reconciliation exercise conducted to authenticate outstanding obligations owed to contractors, according to a statement issued on Monday by Mary-Ann Duke, Senior Special Assistant on Communication and Press Secretary to the Minister of Finance.

The ministry stated that priority is being given to contractors with verified claims of less than ₦100 million, as part of efforts to ensure timely disbursement of funds and address long-standing payment backlogs.

According to the statement, the initiative is designed to resolve legacy debts owed by government institutions, improve cash flow for affected businesses, and strengthen confidence in public financial management.

The Ministry noted that the verification process was necessary to ensure transparency, accountability, and accuracy in the settlement of outstanding obligations, while preventing the payment of unverified claims.

Officials said the exercise reflects the Federal Government’s commitment to meeting its financial obligations and improving the efficiency of government payment systems.

The settlement is expected to provide relief to contractors who have faced delays in receiving payments for completed projects and services rendered to government agencies. Stakeholders believe the move could also stimulate economic activities by enabling businesses to meet operational costs, pay workers, and undertake new projects.

The Ministry reaffirmed its commitment to prudent fiscal management and transparency in public spending, stressing that the payment process would continue in accordance with established financial regulations and verification procedures.