Nigeria Owes Construction Companies N600 Billion

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buhari3_0President, Federation of Construction Industry (FOCI), Solomon Ogunbusola, has said that the federal government owes the sum of N600billion to construction firms.

Ogunbusola said the situation has caused a delay in delivery of construction jobs across the federation and has ultimately put the construction industry in a very bad shape to the extent that construction companies are now being forced to sack employees due to their inability to cater for them.

“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 cannot keep quiet or hide any longer,” he said.

Ogunbusola also disclosed that all construction companies across the federation are being owed huge sums of money amounting to about N600 billion.

He also stated that the Central Bank of Nigeria (CBN) has asked commercial banks to include the names of FOCI members in the list of chronic debtors, despite the fact that they are being owed for projects that they had long completed.

“Let the banks also publish 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 (our members), in turn, could not pay the banks,”Ogunbusola said.

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