ABUJA, Nigeria — The Federal Ministry of Finance has officially approved the immediate settlement of outstanding outstanding financial obligations to more than 1,240 domestic contractors who executed vital projects across various Ministries, Departments, and Agencies (MDAs).
The operational directive was confirmed on Monday, June 8, 2026, through an official administrative release issued by the Ministry’s communications unit in the nation’s capital.
Okay News reports that the payment approvals were finalized following a rigorous, multi-month data verification, auditing, and reconciliation exercise managed by the treasury team to validate genuine claims. In a strategic bid to support small and medium-sized enterprises (SMEs) which bear the brunt of delayed public sector payments, the disbursement blueprint intentionally prioritizes verified claims valued below ₦100 million.
According to Mary-Ann Duke, the Senior Special Assistant on Communication and Press Secretary to the Minister of Finance, the broad fiscal intervention is aimed at systematically liquidating legacy public debts that have historically bogged down private enterprise. By clearing these backlogs, the federal government aims to inject vital liquidity into the local economic ecosystem, ease severe cash flow constraints gripping local businesses, and re-establish a transparent, strictly auditable framework for public vendor payments. Contractors with cleared accounts are expected to receive their direct central bank remittances via their respective commercial banking channels starting this week.
