The Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele has engaged local contractors with a view to resolving outstanding federal government obligations to them. During a high-level meeting in Abuja with representatives of the All-Indigenous Contractors Association of Nigeria the Minister assured stakeholders that debts would be settled in a fair transparent and structured manner as part of broader efforts to sustain economic reforms. According to a statement by the ministry’s Head of Information and Public Relations Unit Efe Ovuakporie the engagement focused on outstanding payments related to capital expenditure and the need for a credible framework for resolving verified claims. Emphasizing the significance of the move Oyedele said “Resolving these obligations is important not just for contractors, but for confidence in government, job creation, business continuity, and overall economic stability.”
The Minister acknowledged the specific concerns raised by the contractors regarding delayed payments contract variations and the impact of fiscal reforms on project execution. He assured the group that the government is working closely with relevant institutions to reconcile claims and establish a clear and sustainable payment structure while balancing fiscal realities with the responsibility to honor legitimate obligations. Addressing the strategic importance of the local industry he stated “The government recognizes 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.”
The meeting was attended by the Permanent Secretary of the Ministry of Finance Raymond Omachi the Accountant-General of the Federation Shamseldeen Ogunjimi and various directors from the finance ministry. Representatives of the contractors commended the Minister for initiating the dialogue and expressed optimism that the renewed engagement would lead to practical and lasting solutions. They also pledged their continued cooperation with the federal government to ensure the timely delivery of critical infrastructure projects across the country. The minister reiterated that while the administration remains committed to necessary reforms to stabilize the economy such measures would be implemented with due consideration for stakeholders to minimize disruptions to business continuity.
0 Comments