Business

Federal Ministry of Finance Releases Funds to Over 1,240 Local Contractors

Published

2 months ago

June 8, 2026

159 Views

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

12-years after, US clears Nigerian vessels to land at its ports

Oyetola said that removal of the restriction by the USCG followed years of effort by Nigeria to meet international maritime security standards, particularly through the Nigerian Maritime Administration and Safety Agency (NIMASA).

Published

11 hours ago

August 20, 2026

OCHEFA

11 Views

The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced that the United States Coast Guard (USCG) has removed the Condition of Entry (CoE) imposed on Nigerian vessels from docking at its ports.

The CoE was first imposed in June 2014. Under the restriction, any vessel that had docked at designated Nigerian ports within its previous five port calls was required to meet additional security and documentation requirements before entering US waters.

The removal means those extra requirements no longer apply.Four USCG assessments between 2024 and 2026

He pointed to the country’s compliance with the International Ship and Port Facility Security (ISPS) Code as central to the case presented to US authorities.

The USCG carried out four separate assessments of Nigeria’s ports and maritime security framework between March 2024 and April 2026.

The inspections took place in March 2024, April 2024, March 2025 and April 2026. The government said each review recorded measurable progress.

Business

Naira Exchange Rates Thursday,20 August

Published

12 hours ago

August 20, 2026

OCHEFA

16 Views

BLACK MARKET RATES

US Dollar (USD) Buy ₦1,404 Sell ₦1,410

Great British Pound (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR) Buy ₦1,585 Sell ₦1,605

Canadian Dollar (CAD) Buy ₦1,020 Sell ₦1,080

South African Rand (ZAR) Buy ₦75 Sell ₦90

Ghana Cedi (GHS) Buy ₦95 Sell ₦110

West African CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

CBN Exchange Rates

US Dollar (USD) ₦1,350.41

Great British Pound (GBP) ₦1,839.13

EURO (EUR) ₦1,574.31

Swiss Franc (CHF) ₦1,681.92

Chinese Yuan (CNY) ₦200.61

West African CFA (XOF) ₦2. 37

West African Unit Account (WAUA) ₦1,836.21

Saudi Riyal (SAR) ₦359.65 South African Rand (ZAR) ₦83.71

Business

Oyede Tasks States To Look Beyond Federal Allocations For Economic Growth

Nigeria must move from an allocation dependent economy to one driven by production, investment and job creation,

Published

12 hours ago

August 20, 2026

OCHEFA

18 Views

The Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, has said federal allocations alone cannot guarantee prosperity for states, urging them to develop sustainable sources of revenue and drive economic growth.

The Minister gave the advice during the 2026 National Council on Finance and Economic Development (NACOFED) conference in Owerri, Imo State, yesterday.

Oyedele emphasised the need for states to look beyond federal allocations and develop their productive capacities to achieve sustainable economic development.

He called for stronger fiscal federalism, improved revenue generation and economic diversification to strengthen Nigeria’s resilience to economic shocks.

“Nigeria must move from an allocation dependent economy to one driven by production, investment and job creation,” he stated.

According to him, recent economic reforms , including the removal of fuel subsidy and the unification of the foreign exchange market, have increased tremendously the revenue available for distribution through the federation account.

He said monthly federation account allocation, which was between N300 billion and N600 billion before 2023, is now above N2 trillion.