The Federal Government says it has begun moves to settle outstanding debts owed to local contractors, assuring that the process will be fair, transparent, and structured.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, gave the assurance during a meeting with the All-Indigenous Contractors Association of Nigeria in Abuja.

Oyedele said the initiative is aimed at rebuilding confidence in government and supporting economic stability, noting that verified claims would be prioritised.

“Resolving these obligations is important not just for contractors, but for confidence in government, job creation, business continuity, and overall economic stability,” he said.

According to a statement by the Head of Information and Public Relations Unit of the ministry, Efe Ovuakporie, the meeting focused on outstanding payments for capital projects and the need for clarity, accountability, and a credible payment framework.

The minister acknowledged concerns raised by contractors over delayed payments, contract variations, and the impact of fiscal reforms, assuring that efforts were ongoing to reconcile outstanding claims.

He stressed that while the government remains committed to economic reforms, implementation would take into account the need to minimise disruptions for stakeholders.

“The government recognises 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 minister for initiating the dialogue and expressed optimism that the engagement would lead to practical and lasting solutions.