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N500bn Debt Fury: Contractors Storm Finance Ministry

Local contractors under the All Indigenous Contractors Association of Nigeria on Tuesday besieged the Federal Ministry of Finance, sealing off both entrances as they demanded immediate payment for what they described as long-outstanding debts on completed government projects.

Led by the association’s National Secretary, Babatunde Seun-Oyeniyi, the contractors accused the Federal Government of repeatedly reneging on promises made during several meetings. Oyeniyi told journalists that the group had no choice but to resume protests after multiple assurances from government officials failed to materialise into payment.

He revealed that members were owed over N500 billion for projects already completed and handed over. Despite recent interventions by the National Assembly and assurances from Minister of Finance Wale Edun, he said not a single payment had been released.

“After the National Assembly stepped in, we were told the minister would address the issue, so we suspended our protest,” Oyeniyi said. “But after more than six visits to this place, including an overnight stay last week, nothing has changed.”

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He added that although payment warrants had been issued, they had not been cash-backed. “The minister even said that N150bn was available to begin paying indigenous contractors. We don’t understand why there are still delays,” he stated.

Oyeniyi alleged that officials were attempting to push the payments into the 2026 fiscal year—an action he said would further plunge contractors into debt. “We won’t accept being shifted into a backlog. We won’t leave here until we are paid,” he insisted.

Protesters carried placards with bold messages such as “Banks no longer support government projects,” “Contractors are dying from frustration,” “Pay us our money,” and “No payment, no peace.” Their chanting brought activities in and around the ministry to a halt, leaving staff and visitors stranded outside the blocked gates.

The dispute between contractors and the government has intensified over the past months. In November, the House of Representatives suspended plenary for a week after contractors stormed the National Assembly, alleging the non-release of 2024 and 2025 budgeted funds.

As of Tuesday evening, the Ministry of Finance had not issued an official response to the latest protest.

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