FG Finally Starts Paying 2024 Contractors, Sets March 31 Deadline to Clear All Old Debts and Start 2026 on a Clean Slate

The Federal Government has officially opened the “payment taps” for stalled infrastructure projects across the country. In a move designed to restore a “State of Harmony” to Nigeria’s chaotic fiscal calendar, the Ministry of Finance announced on Friday that it has begun settling outstanding payments for 2024 capital projects, with a promise to clear every kobo of inherited debt by the end of next month.

The announcement, made by the Special Adviser to the President on Public Communications, Sunday Dare, and echoed by Finance Minister Doris Uzoka-Anite, marks the beginning of a frantic 40-day sprint. The goal is simple but ambitious: terminate the “multiple budget” era. For years, Nigeria has struggled with three concurrent budgets running at once, leading to abandoned projects and accounting nightmares. President Bola Tinubu has now drawn a line in the sand, declaring that all old accounts must be settled by March 31, 2026.

“We are ready to start, but the MDAs must do their part,” Uzoka-Anite warned during a high-stakes meeting in Abuja. The government has given all federal agencies until Monday, February 23, to submit their final cash plans and documentation. Agencies that miss this window risk seeing their project funds rolled over into the 2026 cycle rather than being paid out immediately.

To ensure there are no technical hitches, the Accountant-General of the Federation confirmed that the GIFMIS platform the government’s digital payment backbone is back online and ready to handle the surge in transactions. This is good news for thousands of contractors who have faced months of frustration due to delayed releases, which saw only 15% of some sector-specific capital budgets funded in previous months.

From April 1, the government intends to operate on a single, strictly enforced budget cycle for the first time in decades. By clearing the 2024 and 2025 backlogs now, the administration hopes to enter the ₦58.18 trillion 2026 fiscal year with a focused agenda on security, agriculture, and infrastructure, unburdened by the ghosts of unpaid bills from the past.