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REPS TO INVESTIGATE THE NON PAYMENT OF LOCAL CONTACTORS IN THE 2017 BUDGET.

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REPS TO INVESTIGATE THE NON PAYMENT OF LOCAL CONTACTORS IN THE 2017 BUDGET.

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The House has urge the Federal Ministry of Finance to look into the indebtedness and source for funds to offset the debt or come up with alternative payment plan to pay the contractors.
Hon magaji Da’ u Aliyu who moved the motion at the plenary said that the Federal Government have been indebted to the tune of #9.1 trillion to local contractor in the last 3 years as reflected in the report of the Central Bank of Nigeria and the debt management office.
He further started the inability of the Federal Government to finance the 2017 budget deficit and meet it other obligations made the ministry of finance to source for funds from commercial banks and capital market through “sukuk”.while the said fund has not been used to pay indegineous contractors.
He also said that the sum of #20 000 000 000 00 (twenty billion naira) was earmark in the 2017/budget to settle debt owed to local contractors and other liability. He said that some of the contractors may have collected loans from various commercial banks or various financial house which will be yielding interest on daily basis or may have lost the collateral used to collect such loans.
He noted that most of these contractors have dependents, responsibilities and various financial commitment especially at these trying time when the economy is experiencing difficulties and unemployment.

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