The nation's fiscal management under the President Bola Tinubu administration has come under intense scrutiny following the federal government's failure to pay contractors for projects executed in 2024.
The Coalition for Equity and Accountability in Public Finance (CEAPF) raised the alarm on the matter while demanding the immediate resignation of the Minister of Finance, Wale Edun, and the Accountant-General of the Federation (AGF), Shamsedeen Babatunde Ogunjimi.
CEAPF accused both Edun and Ogunjimi of failing to pay contractors for projects duly captured in the 2024 budget and fully executed by local firms, describing the development as a calculated dereliction of duty.
In a statement signed by its President, Comrade Segun Daramola, and Secretary-General, Comrade Isaac Idachaba, on Wednesday, September 3, 2025, the coalition vowed to formally approach the National Assembly and lobby lawmakers across party lines to pass a vote of no confidence on the two officials if they refuse to vacate their offices voluntarily.
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"Contractors have completed projects backed by law, projects approved and funded under the 2024 Appropriation Act, yet they are left unpaid and forced into bankruptcy. Meanwhile, the Federal Government is executing and paying for projects not captured in either the 2024 or 2025 Appropriation Acts. This is unlawful, it is reckless, and it is unacceptable,” the statement reads.
FG's fiscal management called into question
The group characterised the situation as a troubling pattern in the country's fiscal management, where legal obligations are often ignored while off-budget expenditures receive priority, which not only undermines transparency but also destroys confidence in the sanctity of the budget process.
It noted that the development represents a distortion of governance, where appropriation serves as the foundation of democracy that guarantees that public money is spent as authorized by the people through their representatives
“If ministers and accountants can disregard this at will, then the National Assembly must rise up. It is the duty of lawmakers now to assert their authority by removing those who have so flagrantly undermined them,” it stated.
The coalition noted that contractors across the federation have complained of crippling debts, many of whom have borrowed at exorbitant rates from commercial banks to deliver government projects.
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CEAPF stated that the neglect has created a chain reaction of economic distress, affecting small businesses, suppliers, and workers who rely on the contracting system for their livelihoods.
“Government contracts are supposed to stimulate the economy. Instead, under the stewardship of Mr. Wale Edun and the Accountant General, they have become instruments of ruin. Firms are collapsing, workers are being laid off, and banks are foreclosing on loans. This is economic sabotage by negligence,” the statement added.
Unpaid contracts turned moral burden
The group argued that the crisis has become both a financial and moral issue, one that cannot be resolved by half-measures.
It insisted that resignation was the only honourable course left for the finance minister and the accountant general, stressing that anything less would amount to a “mockery of accountability.”
“Our democracy cannot survive on promises that are never kept. If a government can budget for projects, award them, certify them, and then refuse to pay while diverting resources to unbudgeted ventures, what message does it send to citizens and investors? It tells the world that Nigeria is lawless and that contracts mean nothing. That is why we must draw a line here.”
It also called on Tinubu to intervene decisively, warning that the President's reputation as a reformer was being called into question by the finance ministry’s failings.
“The President has spoken of fiscal discipline and reform. This is the moment to prove that those words have meaning. If his team members cannot carry out the most basic function of governance — honouring the budget and paying for executed contracts — then they must step aside for those who can,” the group declared.
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For many observers, the controversy over unpaid contracts has evolved into more than just an accounting dispute. It is now a test of whether Nigeria can uphold the rule of law in its fiscal affairs and whether its leaders can be trusted to respect the authority of parliament.
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