Lack Of Funds Threatening Our Businesses – Indigenous Contractors

The All Indigenous Contractors Association of Nigeria (AICAN) has stated that the non-release of 2024 capital project funds by President Bola Ahmed Tinubu’s administration is putting them on the brink of bankruptcy.

At a press conference in Abuja yesterday, AICAN’s national president, Jackson Ifeanyi, said many indigenous contractors executed projects with borrowed funds based on government assurances that payments would be made upon completion.

He alleged that despite completing their work, the government had failed to release payments, leaving contractors heavily indebted.

“We are making it clear today that unless all outstanding payments are made to our members before the end of this week, we shall embark on continuous peaceful demonstrations across the Federal Capital Territory,” Ifeanyi warned.

He called on President Tinubu to direct the minister of Finance, Wale Edun, and the minister of the Federal Capital Territory, Nyesom Wike, to settle the outstanding obligations.

According to him, the situation has left many indigenous contractors financially crippled while government officials continue to commission unpaid projects to impress the public.

“This is grave injustice. The government keeps luring contractors into projects it has no intention of funding while prioritising those that serve personal interests,” he said.

Ifeanyi lamented that oversight institutions, including the National Assembly, had failed to intervene, despite claims that a warrant of ₦760 billion was released by the Accountant-General’s office without cash backing for two months.

“We call on the media, civil society organisations, and international partners to stand with us in demanding transparency, accountability, and fairness in project financing,” he appealed.

AICAN’s vice president, Fredrick Agada, accused the government of favouring foreign firms over local contractors.

“While foreign contractors are cashing out, our members are dying in penury. We will do all that is necessary to fight for our rights,” Agada said.