NASS Has Approved ₦1.1trn For Debt Settlement, Akpabio Tells Protesting Contractors

The Senate President, Godswill Akpabio, has told protesting local contractors that the National Assembly has just approved President Bola Tinubu’s request for a ₦1.15 trillion domestic borrowing plan to offset outstanding debts owed to them.

Earlier on Tuesday, aggrieved contractors besieged the entrance of the National Assembly complex, blocking access to the premises in protest of unpaid funds for completed government projects. The demonstration caused temporary disruption of plenary activities of lawmakers and heightened tension among lawmakers and staff.

Addressing the issue during plenary, Akpabio disclosed that the upper chamber had already approved part of the domestic borrowing plan to enable the Federal Government clear arrears owed to contractors.

He urged the protesters to exercise patience while the government finalises payment modalities.

“We have just approved domestic borrowing to settle the indebtedness of contractors,” Akpabio said. “I appeal for calm and urge them to give the Federal Government time to resolve the issue.”

The Senate President emphasised that the move formed part of broader fiscal reforms aimed at restoring confidence in public procurement and boosting economic activity.