Settle contractor arrears in cash for creditors with claims of up to N100 million and issue bonds to cover 50 percent of debts owed to larger creditors.
At P1R3, all verified pre-2005 contractors' arrears have been paid.  Regarding arrears of less than N100 million, the first wave of claims was settled by end-December 2006. However, some previously denied claims had to be settled in a second wave that was only concluded in March 2007. While it may be necessary to assess a third wave of claims, bonds were issued as the legitimacy of claims was being established; all large contractor arrears have now been settled.