News
FG Approves Payments To 1,240 Contractors, Targets SMEs With Verified Claims
The Federal Ministry of Finance said it has approved payments to more than 1,240 contractors, providing immediate liquidity support to businesses across the country and reinforcing the Federal Government’s commitment to meeting its financial obligations.
The approval, granted by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, follows a verification and reconciliation undertaken by the Ministry to ensure that only duly validated obligations qualify for payment, according to a statement on Monday by Mary-Ann Duke, Senior Special Assistant on Communication and Press Secretary to the Minister of Finance.
The payments covered contractors across various Ministries, Departments and Agencies (MDAs) and represent a significant step in addressing long-standing payment obligations, particularly those affecting indigenous businesses and small and medium-sized enterprises (SMEs).
According to the statement, contractors prioritised for payment in the most recent batch are those with verified claims in the region of ₦100 million or less.
The release of funds is expected to provide immediate relief to hundreds of businesses, enabling them to return to project sites, pay workers, settle suppliers, meet financial commitments, and support economic activity across the country.
The release of funds is expected to provide immediate relief to hundreds of businesses, enabling them to return to project sites, pay workers, settle suppliers, meet financial commitments, and support economic activity across the country.
According to the statement, over the past few months, the Federal Government has processed payments exceeding ₦700 billion across various categories of verified obligations owed to local contractors.
Within the month of May alone, approximately ₦436.6 billion in transactions were processed, demonstrating a significant acceleration in payment activity aimed at unlocking liquidity and supporting economic growth.
By prioritising a large number of smaller contractors rather than concentrating payments among a few large beneficiaries, the government said it is broadening the economic impact of these disbursements, supporting businesses across different sectors and regions of the country.
The latest payments are expected to strengthen confidence among contractors, suppliers, and service providers doing business with government by demonstrating the Government’s commitment to honouring duly verified obligations.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth”, the statement noted.
The Ministry said it remained committed to maintaining fiscal discipline while ensuring that legitimate obligations are settled promptly.
Going forward, the Ministry noted that the move will substantially reduce outstanding liabilities over time, strengthen confidence in public financial management, and support the effective delivery of public services and infrastructure.
News
147 Lagos Structures to Face Impact From Coastal Highway
President Bola Tinubu says 147 structures in Lagos will be affected by the construction of a service lane along the Lagos-Calabar Coastal Highway.
Five of the structures are expected to face full demolition, while the remaining 142 will experience minimal impact.
Tinubu disclosed this Sunday at a stakeholder engagement in Lagos, where he also flagged off repairs of the Eko and Marine bridges and a flooded section of the Lagos-Ibadan Expressway.
Represented by Lagos Gov. Babajide Sanwo-Olu, the president assured affected property owners that they would receive compensation where necessary.
Tinubu said the stakeholder engagement was designed to secure public support and ensure the effective implementation of the projects.
He described the Eko Bridge as one of the oldest bridges built after Nigeria’s independence, while noting that the Marine Bridge provides an important link to Lagos seaports.
The president urged Lagos residents and other stakeholders to support infrastructure projects designed to improve transportation and economic activity.
The figure of 147 affected structures was presented by a representative of the AEC consortium during the engagement.
Some of the affected residents and stakeholders asked some questions on areas of compensation and impact.
Tinubu said the Federal Government remains open to constructive criticism but urged stakeholders to support projects that are properly executed.
He said the projects are intended to deliver infrastructure that will serve Lagos residents and Nigerians for generations.
News
Tinubu Flags Off Eko, Marine Bridge Repairs
President Bola Tinubu has flagged off repairs of the Eko and Marine bridges in Lagos, as part of Federal Government efforts to improve critical infrastructure and ease traffic along the Lagos corridor.
Tinubu, represented by Lagos Gov. Babajide Sanwo-Olu, spoke Sunday at a stakeholder engagement on the Lagos-Calabar Coastal Highway.
Sanwo-Olu said the president remains committed to infrastructure development, security and job creation under the Renewed Hope Agenda.
The governor also said more than 200 kilometers of the Lagos-Calabar Coastal Highway had been constructed across various sections within two years.
He said additional slip roads and improved drainage links to the Lagos Lagoon would be introduced to ease movement and reduce flooding.
Works Minister David Umahi, meanwhile, condemned the vandalism of public infrastructure, describing it as “devilish,” “wicked” and unacceptable.
Umahi urged Nigerians to protect government assets, warning that vandalism could undermine the benefits of major infrastructure projects.
His comments followed the recent vandalism of sections of the newly constructed Festac-Alakija Bridge. Lagos authorities have arrested 27 suspects over the incident.
Umahi also ordered a crackdown on unauthorized activities along the Lagos-Calabar Coastal Highway, directing officials to stop motorcycles, tricycles, hawkers and loitering on the route.
The minister also called for stronger security around strategic infrastructure.
The 750-kilometer, 10-lane Lagos-Calabar Coastal Highway is designed to connect Lagos with Cross River through seven coastal states, with the Federal Government expecting it to improve transportation and boost economic activity
News
ICPC: Adeyemi’s fake letter not from Presidency
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has confirmed that Adeniyi Adeyemi Mathew was never appointed by the Federal Government and that the so-called Presidential Foreign Investment Promotion Council (PFIPC) was a fictitious entity.
Speaking at a press conference in Abuja on Saturday, ICPC Chairman Dr. Musa Adamu Aliyu, SAN, disclosed the findings of the agency’s 30-day probe ordered by President Bola Tinubu on 7 July 2026.
“Recall the President on 7th July, 2026 gave ICPC 30 days to investigate into the fake Presidential Foreign Investment Promotion Council and today is exactly 30 days. I have just submitted the interim report and briefed Mr. President accordingly,” Aliyu said.
He stated that the President, in the spirit of transparency and accountability, directed him to address the media for the benefit of Nigerians.
According to the interim report:
- Adeniyi Adeyemi Mathew was never appointed by the Federal Government or any authority of government.
- The PFIPC was never established by any law, executive order or other valid instrument of government.
- The appointment letter presented by Adeyemi was completely forged, along with similar documents used to sustain the illegal activities of the fake agency.
- The PFIPC cannibalised the former Presidential Economic Advisory Council (PEAC) and illegally appropriated offices and instruments of operation.
- False projection, false representation, widespread impersonation and a range of illegal activities were perpetrated by Adeyemi as the purported Director-General.
- Weaknesses in verification, inter-agency oversight and government processes were exploited by Adeyemi, with some level of negligence and connivance.
- No funds of the Federal Government were approved or disbursed to the fake PFIPC/PEAC.
Aliyu emphasised that no weaknesses were found in the systems of the State House or the Central Bank of Nigeria, describing their processes as above board. He specifically noted that the fake appointment letter did not originate from the Presidency.
The ICPC further discovered that Adeyemi created two additional fictitious government agencies — the FCT Investment Promotion Agency (FIFA) and the Foreign Investment Promotion Agency and Public Private Partnership (FIFA-PPP). To facilitate their creation, he forged legislative instruments styled as Enabling Acts, which were used to support the opening of bank accounts.
Among the recommendations in the interim report are that Adeyemi should be fully prosecuted, administrative sanctions should be imposed on public officers whose acts of omission and negligence facilitated the illegal operations, and institutional reforms should be implemented.
Aliyu disclosed that investigations are ongoing into all activities and bank accounts linked to the PFIPC, Adeyemi and his collaborators.
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