The Federal Government has initiated moves to settle outstanding obligations owed to local contractors, assuring that the process will be handled in a fair, transparent, and structured manner to rebuild confidence and support ongoing economic reforms.

Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, gave the assurance during a meeting with representatives of the All-Indigenous Contractors Association of Nigeria in Abuja, where he reaffirmed the government’s commitment to resolving verified claims while balancing fiscal realities. According to a statement, yesterday, by the Head of Information and Public Relations Unit of the ministry, Efe Ovuakporie, 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 meeting was convened by the minister to address the prolonged impasse between the Federal Government and indigenous service providers.

The engagement focused on outstanding payments related to capital expenditure, with discussions centred on the need for clarity, accountability, and a credible framework for resolving verified claims.

The Minister emphasized that the process would balance fiscal realities with the government’s responsibility to honour legitimate obligations.

Oyedele acknowledged the concerns raised by the contractors, particularly regarding delayed payments, contract variations, and the impact of ongoing fiscal reforms on project execution.

He assured stakeholders that the government was working closely with relevant institutions to reconcile outstanding claims and establish a clear and sustainable payment structure.

The minister reiterated that while the administration remained committed to bold and necessary reforms to stabilize the economy, such measures would be implemented with due consideration for stakeholders to minimize disruptions.

“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,” he added.

Representatives of the contractors commended the Honourable 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 government to ensure the timely delivery of critical infrastructure projects across the country. (Vanguard)