Equity investors lose N4.9trn, as market uptrend reverses

He outlined that the organization had interacted with representatives from the Ministry of Finance and the Office of the Accountant General, where they learned that approximately N40 billion would be allocated to beneficiaries at the outset.

Nwosu mentioned that contractors had already presented confirmed payment lists for various categories and anticipated that funds would appear in accounts by the prior Friday, but this expectation was not fulfilled.

“We were hoping that all the payments would be credited to beneficiaries’ accounts by Friday, yet that did not occur. As far as we can tell, only a small number of individuals have received payments,” he stated.

The National Secretary of the association, Mr Babatunde Seun, raised concerns regarding claims that N700 billion had been disbursed to contractors, affirming that members had not encountered any proof of such payments.

In reply to the demonstrators, the Permanent Secretary (Special Duties) at the Ministry of Finance, Mr Mohammed Sanusi, explained that the approval of funds should not be mistaken for immediate payment, emphasizing that the government continued to address outstanding debts.

“Some funds have indeed been approved; please understand that approval is not the same as payment. We recently met with the Accountant General, and we are in the process of making contractor payments.

“N700 billion has been approved by the Federal Government for disbursing to contractors, and an additional N70 billion has been allocated for this association. Payments will begin to be processed very soon,” Sanusi reassured.