The Senate has approved a domestic borrowing plan of ₦1.1 trillion to clear outstanding debts owed to federal contractors across the country.
Senate President Godswill Akpabio announced this on Tuesday during plenary, while addressing reports of growing agitation among contractors awaiting payment for completed projects.
Akpabio explained that the approval was part of efforts to stabilize the economy, sustain ongoing infrastructure projects, and build public trust in government commitments.
“Most of those protesting are contractors who have completed government projects and are awaiting payment. We have just approved a domestic borrowing to the sum of ₦1.1 trillion, which is meant to settle indebtedness of contractors,” he said.
He disclosed that Senator Adamu had been delegated to engage with the aggrieved contractors, convey the government’s position, and assure them that their grievances were being addressed.
The Senate President appealed to the contractors to exercise patience, noting that the Tinubu administration is taking concrete steps to fulfill its obligations and promote job creation through sustained infrastructure development.
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Akpabio added that the Senate remains committed to ensuring transparency and accountability in the management of public funds, particularly in the construction and public works sector.
He said, “I call on them to give the government time so that their grievances will be attended to. Our goal is to restore confidence, ensure continuity of projects, and deliver value to Nigerians.”
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