Local contractors owed debt by the Federal Government may soon have a reason to smile as the Nigerian Senate has asked for the urgent payment of all their arrears under the two trillion naira domestic debt owed them by the government.
A motion sponsored by Senator Oluremi Tinubu, (APC/Lagos Central) and co-sponsored by five other senators says the repayment is necessary to prevent an economic crisis that may lead to collapse of banks.
The Senate says that by settling the local debts, many businesses will stay afloat while there would be more money in circulation to cushion the effect of the ongoing recession.
