Federal Government says more than 1,240 contractors have benefited from verified payment approvals.
The Federal Government has processed payments exceeding N700 billion in verified obligations owed to local contractors as part of efforts to settle long-standing debts and support economic activity.
According to the Federal Ministry of Finance, the payment exercise followed a verification and reconciliation process designed to authenticate outstanding claims submitted by contractors.
The ministry disclosed that more than 1,240 contractors have been approved for payment, with priority given to firms holding verified claims of N100 million or less.
Officials said approximately N436.6 billion in transactions were processed in May alone, reflecting an acceleration in the government’s debt-settlement programme.
The initiative is expected to provide liquidity support to businesses across sectors, enabling contractors to return to project sites, settle obligations to suppliers, and pay workers.
The government stated that the programme is also aimed at restoring confidence among businesses engaged in public-sector projects and improving the overall operating environment for indigenous firms and small businesses.
The payment programme remains part of broader efforts to address outstanding liabilities owed to contractors across the country.