“I’m Upset Over ₦1.5bn Debts Owed to 2,000 Contractors” — Tinubu

President Bola Tinubu has voiced strong displeasure over the federal government’s outstanding debt of about ₦1.5 billion owed to more than 2,000 contractors. His reaction followed a briefing at the Federal Executive Council meeting in Abuja, where the Director-General of the Bureau of Public Procurement outlined the scale of the liabilities.

To fast-track repayments and address administrative bottlenecks, Tinubu has created a high-level committee made up of key economic and infrastructure officials. Members include the Ministers of Finance, Budget and Economic Planning, Works, Education, Housing, and Marine & Blue Economy, alongside the heads of the Budget Office and the Federal Inland Revenue Service. The team is expected to devise a clear plan, source the required funds, and present a unified strategy directly to the President.

According to the Presidency, Tinubu questioned why the government continued to record strong revenue performance while contractors remained unpaid. He directed the committee to examine the root causes of the delays, including issues within the procurement and budget cycles, and to propose solutions ranging from improved coordination to potential borrowing if necessary.

The unpaid debts have fueled months of protests from contractors, many of whom completed projects as far back as the previous year. The situation has been further complicated by overlapping budget cycles, with the 2024 capital budget spilling into 2025 and adding pressure to ongoing fiscal operations.