• Contractors extract positive response from FG on N150b debt
Nigeria’s Ways and Means advances have reduced to N2.84 trillion as of January 2026, which peaked at N26.95 trillion in May 2023, the governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has said.

Stating this yesterday in Abuja at the 2026 Monetary Policy Forum (MPF), Cardoso said Nigeria’s macroeconomic outlook “is showing its strongest signs of stabilisation in years” but cautioned that beneath the improving headline numbers lies a delicate balancing act.

After threatening to stage a protest at the All Progressives Congress (APC) national convention in Abuja yesterday over delayed payments for government contracts, the President of All Indigenous Contractors Association of Nigeria (AICAN), Jackson Nwosu, confirmed that negotiations were ongoing between the contractors and the Federal Government over N150 billion debt.

He said this to newsmen in Abuja after a meeting between AICAN officials and the Minister of Finance, Wale Edun.

Ways and Means (W&M) in Nigeria is a CBN financing facility – essentially an overdraft– used to cover Federal Government budget shortfalls when revenue falls short. While intended as a temporary, regulated funding mechanism, massive unauthorised use of W&M, rising into tens of trillions of Naira, fuelled inflation and currency devaluation

Its slash to N2.84 trillion signalled a sharp return to fiscal discipline and a reassertion of CBN’s independence.

According to Cardoso, while Nigeria is making steady economic growth, the economy is fraught with trade-offs that will test policy discipline.

Although he maintained that disinflation marks a significant policy win, it has come at a cost, noting: “Interest rates remain elevated, credit conditions tight, and key sectors of the economy continue to grapple with the impact of restrictive monetary policy.”

He revealed that Nigeria’s gross reserves climbed to $50.12 billion, while net reserves surged from just $3.99 billion at the end of 2023 to $34.80 billion in 2025.

On the debt, the contractors resumed protests on Tuesday, demanding the immediate payment of N150 billion of the N1.15 trillion they claimed the Federal Government owes them.

According to the contractors, the debt represents balances for capital projects executed across various states, including the Federal Capital Territory (FCT), in 2024.

Nwosu described the outcome of the meeting as encouraging, expressing optimism that the government would fulfil its commitments.

He said the government had proposed to pay 35 per cent of the N150 billion immediately, with the balance to be paid in phases in the coming weeks.

“The outcome of our meeting with the minister is positive. However, we hope the government will honour its commitments,” he disclosed.

Adding that contractors had been directed to obtain their batch numbers from relevant Ministries, Departments and Agencies (MDAs), he noted that the timeline given was too short.

He further explained that contractors without valid batch numbers would be required to obtain new warrants, as previous batch numbers had been updated for the new fiscal year.

“We have been asked to inform our members to get their batch numbers from the MDAs. Those without them will need to obtain new warrants. That is the position, and we hope to see progress soon,” he added.