CRGER Hails FG’s N700 Billion Contractor Payment, Says It Will Boost Local Economy

The Civil Rights Group for Economic Reforms (CRGER) has praised the Federal Government and Finance Minister Taiwo Oyedele for approving and disbursing funds to over 1,240 contractors across ministries, departments, and agencies.

In a statement signed on Tuesday by Executive Coordinator David Matthew, the group described the move as a major intervention that will stimulate economic activity, restore confidence in public finance management, and support struggling local businesses.

CRGER noted that many local contractors have faced severe financial pressure due to delayed payments for completed government projects. The release of funds provides much-needed liquidity at a time when businesses are battling rising costs and limited access to affordable credit.

The group said the payments will enable contractors to return to project sites, pay suppliers, settle salaries, and sustain jobs across several sectors.

CRGER disclosed that over N700 billion in verified obligations had been processed, including approximately N436.6 billion paid out in May alone. It called the intervention one of the most significant efforts in recent years aimed at supporting local enterprises and stimulating growth.

“We commend the Federal Government and particularly the Minister of Finance for demonstrating a clear commitment to responsible fiscal management and timely settlement of verified contractual obligations,” the statement read.

The group praised Oyedele for insisting on a verification and reconciliation process before approvals, saying the approach has strengthened public trust in government institutions and protected public resources from abuse.

CRGER noted that prioritising smaller contractors with claims below N100 million reflects sensitivity to the realities faced by indigenous businesses that depend heavily on prompt payments.

“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 transparent and disciplined manner,” the statement added.

The group said the payments will have positive ripple effects by supporting household incomes, creating jobs, and accelerating the completion of critical infrastructure projects nationwide.

CRGER urged the government to sustain the momentum by ensuring prompt settlement of future obligations while deepening reforms aimed at improving the ease of doing business.

The organisation reaffirmed its support for policies that promote fiscal discipline, economic reforms, and sustainable development.