Finance Minister Taiwo Oyedele has held discussions with representatives of local contracting firms, outlining steps the government is taking to address unpaid bills owed to contractors and rebuild trust in public sector dealings.

At the meeting, Oyedele said the delays in settling outstanding payments have undermined confidence in government contracts and created cash flow challenges for many businesses. To tackle this, the ministry is developing a structured framework that will focus on validating claims, setting clear timelines for disbursements, and improving oversight to prevent irregularities.

He pointed out that a reliable payment system is essential for sustaining small and medium enterprises and ensuring that infrastructure projects are completed without prolonged interruptions. According to him, the proposed framework will introduce improved documentation procedures, a predictable payment schedule, and consistent updates to contractors on the status of their claims.

Participants at the meeting expressed optimism, stating that a more transparent and timely payment process would allow them to plan better, retain staff, and continue contributing to national development. Oyedele reassured them that further consultations will be held as the policy is refined and implemented.

Officials say the move aligns with ongoing reforms aimed at enhancing fiscal discipline, promoting transparency, and strengthening the relationship between the government and the private sector in project execution.

At the meeting, Oyedele said the delays in settling outstanding payments have undermined confidence in government contracts and created cash flow challenges for many businesses. To tackle this, the ministry is developing a structured framework that will focus on validating claims, setting clear timelines for disbursements, and improving oversight to prevent irregularities.

He pointed out that a reliable payment system is essential for sustaining small and medium enterprises and ensuring that infrastructure projects are completed without prolonged interruptions. According to him, the proposed framework will introduce improved documentation procedures, a predictable payment schedule, and consistent updates to contractors on the status of their claims.

Participants at the meeting expressed optimism, stating that a more transparent and timely payment process would allow them to plan better, retain staff, and continue contributing to national development. Oyedele reassured them that further consultations will be held as the policy is refined and implemented.