The Civil Rights Group for Economic Reforms (CRGER) has commended the Federal Government and the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, for the approval and release of funds to more than 1,240 contractors across ministries, departments and agencies, describing the development as a major boost for the local economy and a demonstration of responsible economic management.
In a statement signed by its Executive Coordinator, David Matthew, on Tuesday, the group said the decision to prioritise verified contractual obligations, particularly claims below N100 million, reflects the administration’s commitment to accountability, transparency and support for indigenous businesses.
The group noted that the approval of payments to contractors after a thorough verification and reconciliation process sends a strong signal that the government is determined to restore confidence in public finance management and ensure that genuine contractors are not left stranded after delivering projects for the government.
According to CRGER, the release of the funds will inject much-needed liquidity into the economy at a critical period when many local businesses are grappling with rising operational costs and limited access to affordable financing.
“We commend the Federal Government and particularly the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, for demonstrating a clear commitment to responsible fiscal management and the timely settlement of verified contractual obligations owed to local contractors across the country.
“This decision is not only an act of financial responsibility but also a strong statement that government is prepared to honour its commitments and support businesses that contribute to national development. We are particularly encouraged by the deliberate prioritisation of smaller contractors and businesses with verified claims of N100 million and below, many of whom rely on prompt payments to sustain operations and retain workers.”
The group said the processing of over N700 billion in verified obligations, including approximately N436.6 billion in payments within May alone, represents one of the most significant interventions aimed at supporting local enterprises and stimulating economic activities.
CRGER stated that many indigenous contractors and small and medium-scale enterprises had faced considerable challenges due to delayed payments, adding that the release of the funds would enable businesses to return to project sites, settle suppliers, meet payroll obligations and contribute more effectively to economic growth.
The organisation further praised Oyedele for placing due process and accountability at the centre of government financial operations, noting that the insistence on verification before payment has helped strengthen confidence in public institutions.
“We must particularly commend Mr Taiwo Oyedele for his emphasis on accountability, transparency and fiscal discipline. At a time when many Nigerians are demanding greater efficiency in public spending, the minister has demonstrated that government obligations can be settled in a manner that is both transparent and consistent with established procedures.
“The verification exercise undertaken before the approvals were granted reinforces public confidence and ensures that only legitimate claims are funded. This is the kind of institutional discipline that strengthens governance and protects public resources.”
The group added that the payments would have positive ripple effects across various sectors of the economy, creating jobs, supporting household incomes and accelerating the completion of critical infrastructure projects.
CRGER urged the Federal Government to sustain the momentum by ensuring the prompt settlement of future obligations while continuing reforms aimed at improving the ease of doing business and strengthening the productive capacity of local enterprises.
“The release of these funds is ultimately good news for ordinary Nigerians because when contractors are paid, workers receive their salaries, suppliers receive payment for services rendered, projects move forward and economic activities expand. This intervention will undoubtedly contribute to growth, stability and renewed confidence in the economy.”
The group reaffirmed its support for policies that promote fiscal responsibility, economic reforms and sustainable development, expressing optimism that the current approach would continue to yield positive outcomes for businesses and citizens alike.
