Past Government Owed Construction Firms N500 Billion

Construction companies in the country claimed that the Federal Government is owing them N500 billion. President, Federation of Construction Industry (FOCI), Mr Solomon Ogunbusola, said that the nation’s construction sector of the economy was comatose due to the failure of the Federal Government and some state governments to pay construction firms for projects they have completed.
He noted that as a result of the debts, some of them may soon close business and disengage their employees.
“The Federal Ministry of Works alone is owing our members N500 billion and one company is owed over N70 billion. The records are there. We are now retrenching our workers. We are merely opening the offices because we want to remain in office, hoping that the incoming administration will be a better one for us. We cannot keep quiet or hide any longer.

The name of the government that owed the construction companies should also be published. Let the banks publish the names of our members along with that of the Federal Ministry of Works, Federal Capital Territory (FCT) and area councils owing us as chronic debtors. It is because they could not pay our members that they, in turn, could not pay the banks,” he stated

SOURCE: Vanguard