The Federal Ministry of Finance has successfully recovered over N57 billion from the N5.2 trillion debts owed by ministries, departments, and agencies (MDAs) to the Federal Government.
During a one-day workshop on the Federal Government Debt Recovery Drive in Enugu, the Director of Special Projects, Aisha Omar, disclosed this significant achievement. The debts were uncovered through data aggregation from over 5,000 debtors across more than 93 MDAs.
While more recoveries have been made, the exact figures were not provided. However, the ministry affirmed the official recovery of N57 billion, primarily in the form of liabilities to the Federal Inland Revenue Service. Additionally, refunds were received from companies that failed to deliver on projects for which payment had been made, and unpaid credit facilities granted by financial institutions.
Omar highlighted the role of poor information sharing and enforcement in revenue loopholes and emphasized the ministry’s efforts through the Debt Analytics and Reporting Application to aggregate outstanding debts. She underscored the ongoing nature of the debt aggregation process, signaling a continued commitment to recovering outstanding funds owed to the government.
Furthermore, Project Lighthouse, initiated by the Federal Ministry of Finance, facilitated the aggregation of economic and financial information from various agencies, enhancing visibility over transactions and aiding in the debt recovery process.