The Civil Rights Group for Economic Reforms, CRGER, has commended the Federal Government and the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, for approving and releasing funds to more than 1,240 contractors across ministries, departments and agencies, MDAs, describing the move as a significant boost to the economy and a demonstration of responsible fiscal management.
In a statement issued on Tuesday and signed by its Executive Coordinator, David Matthew, 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.
According to CRGER, the approval followed a rigorous verification and reconciliation process, underscoring the government’s determination to restore confidence in public finance management and ensure that genuine contractors are not left stranded after delivering projects on behalf of the government.
The group noted that the release of the funds would inject much-needed liquidity into the economy at a time when many local businesses are struggling 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,” the statement said.
“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.”
CRGER said the processing of over N700 billion in verified obligations, including about N436.6 billion paid out in May alone, represents one of the most significant interventions aimed at supporting local enterprises and stimulating economic activities.
The organisation observed that many indigenous contractors and small and medium-sized enterprises (SMEs) had faced considerable challenges as a result of delayed payments, adding that the release of the funds would enable businesses to return to project sites, settle outstanding obligations to suppliers, meet payroll commitments and contribute more effectively to economic growth.
The group further praised Mr Oyedele for placing due process and accountability at the centre of government financial operations, noting that the insistence on verification before payment had strengthened public confidence in government 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.”
CRGER added that the payments would generate positive ripple effects across several sectors of the economy by creating jobs, supporting household incomes and accelerating the completion of critical infrastructure projects.
The group urged the Federal Government to sustain the momentum by ensuring the timely 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 statement added.
CRGER reaffirmed its support for policies that promote fiscal responsibility, economic reforms and sustainable development, expressing optimism that the current approach would continue to deliver positive outcomes for businesses and citizens alike.
