Business
Federal Ministry of Finance Releases Funds to Over 1,240 Local Contractors
The Federal Ministry of Finance has approved payments to more than 1,240 contractors nationwide, delivering critical liquidity support to businesses and underscoring the Federal Government’s commitment to settling verified financial obligations.
According to a press release issued by the Ministry, the approvals were granted by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, following a thorough verification and reconciliation process to ensure only legitimate claims were paid.
The latest batch prioritises contractors with verified claims of ₦100 million or less. The funds are expected to enable businesses—particularly indigenous firms and small and medium-sized enterprises (SMEs)—to resume work on project sites, pay workers, settle suppliers, and sustain operations across various sectors.
“This development reflects the Ministry’s commitment to translating policy objectives into tangible outcomes by resolving inherited obligations in a transparent and fiscally responsible manner,” the statement said.
Over the past few months, the Federal Government has processed more than ₦700 billion in payments to local contractors. In May alone, approximately ₦436.6 billion in transactions were executed, marking a significant acceleration in clearing backlog liabilities.
By focusing on a large number of smaller contractors rather than a few large ones, the government aims to broaden the economic impact of the disbursements, stimulating activity across different regions and sectors of the economy.
The payments are expected to boost confidence among contractors, suppliers, and service providers engaged with government projects. For many beneficiaries, the funds represent more than financial relief—they provide the certainty needed to preserve jobs, complete projects, and support broader economic recovery.The Ministry reiterated its dedication to maintaining fiscal discipline while ensuring timely settlement of legitimate obligations, with the goal of substantially reducing outstanding liabilities and strengthening public confidence in financial management.
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Business
IEA Cushions Global Oil Supply By 290 Million Barrels March -July
Ultimately, a full and unconditional reopening of the Strait of Hormuz remains essential to avoid a further deterioration in global energy security.
Image credit : IEA Oil Market Report
The International Energy Agency (IEA) said that its member countries had so far released 290 million barrels of oil available to the market.
IEA Executive Director, Dr Fatih Birol confirmed,in a statement posted on the website, Monday.
” Since the announcement on 11 March of the IEA collective action to make 400 million barrels of oil available to the market, around 290 million barrels have been released by IEA Member countries, with more continuing to flow to the market.”
Birol said that IEA countries still hold a substantial volume of emergency stocks in reserve, including over 1 billion barrels of government-controlled stocks.
He emphasised that, for the moment, crude oil and gas markets have continued to benefit from several cushioning factors.
These include significant supplies from Gulf producers – notably through major efforts by Saudi Arabia and the United Arab Emirates – that have continued to reach global markets via various routes. In addition, oil producers in other regions – notably the United States, Brazil, Venezuela and Kazakhstan – have increased exports, helping offset some of the supply losses.
On the demand side, China has played an important role in stabilising markets by reducing its crude oil imports by nearly 50% compared with pre-war levels. is closely monitoring the situation in oil markets following recent developments in the conflict in the Middle East – with the escalation in hostilities affecting the Strait of Hormuz and energy infrastructure in the region increasing security of supply concerns and casting greater uncertainty over the market outlook.
Threats to the Bab el-Mandeb Strait, an increasingly important alternative shipping route for bypassing Hormuz, are adding to those concerns.
Dr Birol emphasised that there is no room for complacency on oil security amid the escalation in hostilities and drawing down of available commercial inventories.
Refinery activity and product supplies have not picked up as much as crude deliveries, meaning that markets for refined oil products, including diesel and gasoline, are considerably tighter than those for crude.
Ultimately, a full and unconditional reopening of the Strait of Hormuz remains essential to avoid a further deterioration in global energy security.
For natural gas, a large majority of the liquefied natural gas (LNG) supply lost due to the Hormuz disruptions has been offset by LNG flows from other markets, led by the United States.
But further delays in resuming Gulf exports risk keeping global LNG markets tighter for longer, Dr Birol warned.
Business
Nigerian Exchange Emerges Top In Africa By Dollar Values
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
The Nigerian equities market has emerged Africa’s strongest performer in U.S. dollar terms with a 68.2 percent Year- till-Date (YtD) return in the first seven months of 2026.
The bourse performance between January and July 24, 2026 outpaced other continental stock markets helped by investors confidence on the back of reforms by the Nigerian government.
The strong performance in dollar terms highlights the impact of exchange rate dynamics and renewed foreign portfolio participation.
By comparison, Zimbabwe Stock Exchange, trails Nigeria when returns are converted into dollars, underscoring how currency movements can significantly alter relative market standings from a global investment perspective.
Source: ThisDay
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