The Civil Rights Group for Economic Reforms (CRGER) has commended the Federal Government and the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, for approving and releasing funds to more than 1,240 contractors across ministries, departments and agencies (MDAs), describing the move as a major boost to the economy.

In a statement issued on Tuesday and signed by its Executive Coordinator, David Matthew, the group said the decision to prioritise verified contractual obligations, particularly claims below N100 million, demonstrates the government’s commitment to accountability, transparency and support for indigenous businesses.

According to CRGER, the approval of payments following a verification and reconciliation process sends a strong signal that the government is determined to restore confidence in public finance management while ensuring that genuine contractors are paid for completed projects.

“We commend the Federal Government and particularly the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, for demonstrating a clear commitment to responsible fiscal management and the timely settlement of verified contractual obligations owed to local contractors across the country,” the statement said.

The group noted that the release of the funds would inject much-needed liquidity into the economy at a time when many local businesses are struggling with rising operating costs and limited access to affordable financing.

“This decision is not only an act of financial responsibility but also a strong statement that government is prepared to honour its commitments and support businesses that contribute to national development,” CRGER stated.

It added that the deliberate prioritisation of contractors and businesses with verified claims of N100 million and below would provide relief to many small enterprises that depend on prompt payments to sustain operations and retain employees.

The organisation further observed that the processing of more than N700 billion in verified obligations, including about N436.6 billion paid in May alone, represents one of the most significant interventions aimed at supporting local enterprises and stimulating economic activity.

CRGER said many indigenous contractors and small and medium-scale enterprises had faced severe challenges due to delayed payments, adding that the release of funds would enable businesses to return to project sites, settle suppliers and meet payroll obligations.

The group also praised Oyedele for emphasising due process and accountability in government financial operations.

“We must particularly commend Mr. Taiwo Oyedele for his emphasis on accountability, transparency and fiscal discipline,” the group said.

“The verification exercise undertaken before the approvals were granted reinforces public confidence and ensures that only legitimate claims are funded.”

CRGER urged the Federal Government to sustain the momentum by ensuring prompt settlement of future obligations and continuing reforms aimed at improving the ease of doing business.

“The release of these funds is ultimately good news for ordinary Nigerians because when contractors are paid, workers receive their salaries, suppliers receive payment for services rendered, projects move forward and economic activities expand,” the group added.