President Bola Tinubu has mandated the settlement of N1.5 trillion in outstanding debts owed to local contractors, expressing “grave displeasure” over the delays that have hampered businesses and projects nationwide.
The directive was issued during Wednesday’s Federal Executive Council meeting. Presidential spokesman Bayo Onanuga stated the President was “visibly upset” and demanded a “one-stop solution.”
To execute this, Tinubu constituted a multi-ministerial committee including the Ministers of Finance, Works, and Budget, alongside key agency heads. The panel is tasked with developing an immediate funding plan to clear the verified backlog, with Onanuga hinting the government could borrow if necessary.
The move follows sustained protests by contractor associations, who claim over N4 trillion is outstanding for 2024 projects alone.
Disclaimer:
This report is based on statements from the Presidency. The exact verification status of the debts and the specific timeline for payments are to be determined by the newly formed committee.
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