Economy
We’re suffering, dying, 5,000 contractors owed by FG, cry out
Over 5,000 local contractors, under the auspices of ‘Concerned Contractors owed by the Federal Government of Nigeria for 2024 Capital Projects’, are begging President Bola Tinubu and National Assembly to intervene for their payments after nine months of completing projects. They appealed to Tinubu and other leaders to come to their rescue during a press conference held in Abuja, where the Convener of the group, Jackson Nwosu read a press statement signed by him and the Secretary Concerned, RQS. MIQS. Babatunde Seun: Engr (Dr) Peter Adhekugu; Mr Chidi Kanu; and Mr O.F Agada. According to Nwosu, countless men and women who worked tirelessly across the nation to deliver the 2024 capital projects under the guidance and commitment of this administration are under serious pressure, and their hopes seem to fade away.
He said these projects have been completed, which obligations have been fulfilled. “Yet, for over Nine months now, our invoices remain unpaid.” However, he described the delay as inhuman, saying, “Contractors are drowning in debt, some have committed suicide, some have had their assets seized, families are suffering, employees remain unpaid, health challenges go unattended. “We are appealing for justice—justice in the form of timely payment for work already done. We have heard so much rhetorics of payments by office of the Accountant General of Federation, Federal ministry of Finance (OAGF/FMF) but no corresponding action to justify this. We ask not only for payment—but for the restoration of our credibility before financial institutions, before our families, and before our communities who look unto us as examples of diligence and patriotism. Your Excellency, distinguished leaders, the strength of any government lies in its ability to honour its commitments. We trusted the system ab-initio but the system is gradually failing us.
“The Renewed Hope Agenda promised by our beloved President is gradually eluding us. We appeal to Mr. President to urgently intervene, believing he has good listening ear. The Public Procurement Act, (2007) specifically Section 5(b), mandates that all procurement activities must be based on procurement plans supported by prior budgetary appropriations. This means that a government entity cannot formalize a contract unless it has ensured that funds are budgeted and appropriated to cover the obligations arising from that contract but so far, the reverse is the case.” Other contractors said they believe in positive development of the country, which they have done their part to go the extra mile to remain calm despite the pressure they are currently passing through, even some of their fellow contractors are dead. Meanwhile, they held a minute silence to honour the souls of the departed contractors whose families left behind are suffering, and chanted “All we are saying pay us our money.”
Also, speaking was the National President, Association for Public Policy Analysis, Chief Princewill Okorie, while showing solidarity and sympathizing with the contractors called on the government to give priority to local contractors in terms of payment for their jobs.
“In accordance with Section 88 of the 1999 Constitution of the Federal Republic of Nigeria as amended, the legislature, they have the responsibility, constitutional responsibility of oversight and investigation. So I will lend my voice to this meeting by calling on the Chairman of the Committee on Appropriation at the Senate and Chairman of the Committee on Appropriation in the House of Representatives to carry out investigation on why the contractors have not been paid monies for the jobs they executed. If that is not done, it means that the oversight and investigative responsibility of the legislature has not been done. So it wouldn’t be based on just looking at the executive arm. The executive arm is supposed to implement the budget, but the legislature that appropriates should monitor and ensure that the monies they appropriated are utilized.
“In accordance with Section 882B of the 1999 Constitution that gave the legislature power to investigate over corruption, waste, and inefficiencies in the utilization of the funds they have appropriated. They need to find out why the monies appropriated for these projects have not only been released and the contractors paid their monies. Secondly, it’s important for us to say that capital budget enhances execution of capital projects, which enables the government in their quest for new governance. To realize Section 42B of the 1999 Constitution of the Federal Republic of Nigeria as amended gives the security and welfare of the people shall be the primary purpose of government, and if security and welfare of the people shall be the primary purpose of government, the roads that are constructed, bridges, hospitals, schools that are built are all meant to provide welfare and security.
“So where the capital budget is not implemented by paying the contractors that carry out capital projects, it wouldn’t be in the best interest of the nation, and the quest for new governance by the administration will be questioned if the projects that will provide welfare and security to Nigerian citizens are not executed”, he said.
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
-
News3 days agoNigeria to officially tag Kidnapping as Act of Terrorism as bill passes 2nd reading in Senate
-
News4 days agoFG’s plan to tax digital currencies may push traders to into underground financing—stakeholders
-
News4 days agoNigeria champions African-Arab trade to boost agribusiness, industrial growth
-
News1 week agoFG launches fresh offensive against Trans-border crimes, irregular migration, ECOWAS biometric identity Card
-
Finance1 week agoAfreximbank successfully closed its second Samurai Bond transactions, raising JPY 81.8bn or $527m
-
Economy4 days agoMAN cries out some operators at FTZs abusing system to detriment of local manufacturers
-
News4 days agoEU to support Nigeria’s war against insecurity
-
Uncategorized2 days agoChevron to join Nigeria oil licence auction, plans rig deployment in 2026