During a one-day workshop on the Federal Government Debt Recovery Drive in Enugu, the Director of Special Projects at the Federal Ministry of Finance, Aisha Omar, announced the recovery of over N57 billion from the N5.2 trillion debts owed by various ministries, departments, and agencies (MDAs) to the Federal Government.
Represented by Mrs. Bridget Molokwu, Deputy Director of Special Projects, Omar disclosed that the debts surfaced from data collected from over 5,000 debtors across more than 93 MDAs. Although she acknowledged additional recoveries, she couldn’t provide specific figures.
The recovered debts primarily consisted of liabilities owed to the Federal Inland Revenue Service, alongside refunds from companies that failed to fulfill project obligations, unpaid credit facilities from the Bank of Industry and Bank of Agriculture, and judgment debts owed to the government.
Molokwu attributed revenue loopholes to poor information sharing and enforcement, emphasizing the importance of the Debt Analytics and Reporting Application in consolidating debts amounting to approximately N5.2 trillion.
She highlighted the ongoing nature of debt aggregation efforts and credited the recovery of N57 billion to collaborative efforts between stakeholders and the Federal Government.
Project Lighthouse, initiated by the Federal Ministry of Finance, facilitated the consolidation of economic and financial data from multiple agencies, previously siloed, to enhance debt recovery processes.
Additionally, Molokwu revealed instances where companies and individuals continued to receive payments from government agencies despite outstanding debts, underscoring the need for improved visibility and transparency in financial transactions.
