News

May 28, 2024

FG begins direct payment to contractors to eliminate middlemen

Wale Edun

Finance and Coordinating Minister of the Economy, Wale Edun

…unfolds measures to boost economy, mum on new/old notes

Soni Daniel, Editor, Northern Region

Apparently to stem to tide of corruption in business transactions, the federal government has begun direct payment of contractors, suppliers and vendors engaged by the government.

The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, who announced the adoption of the new strategy, said it was meant to eliminate middlemen in the process and ensure transparency and accountability in doing business in the country.

The minister spoke at the ministerial briefing to mark the first year in office of the Tinubu administration in Abuja.

Edun also said that as part of the effort to ensure that the direct payment of cash to vulnerable groups in the country is to be done directly to the beneficiaries using bank accounts, using biometric verification of the beneficiaries and national identification numbers, NIN.

On what the federal government is doing to stem hardship in the country, Edun disclosed that no fewer than 44,000 compressed natural gas vehicles and tricycles had been ordered by the government to ease transportation in the country.

Similarly, Edun said that 26,000 CNG conversion kits for existing petrol vehicles and 11,500 new CNG-enabled vehicles had been ordered in addition to the purchase of N100 billion CNG buses for Nigerians by the federal government.

The minister said the government had overcome the initial financial setback, which made it difficult to repay loans and other financial agreements the country reached with other nations and institutions and that Nigeria is now meeting its financial obligations.

He cited the repayment of $200 million the country was indebted in shareholding to Islamic Development Bank and said that the country is doing everything possible to meets its financial commitments at home and abroad.