The Federal Ministry of Finance has disclosed that it has successfully recovered N57 billion from the N5.2 trillion owed by Ministries, Departments, and Agencies (MDAs) of the Nigerian government.
During the Sensitisation Workshop on Federal Government Debt Recovery Drive held in Enugu, Aisha Omar, the Director of Special Projects at the Federal Ministry of Finance, revealed this achievement.
Omar explained that the debts, which were brought to light through data aggregation efforts, include liabilities to the Federal Inland Revenue Service (FIRS), refunds by companies for undelivered projects, unpaid credit facilities from the Bank of Industry (BOI) and Bank of Agriculture (BOA), and judgment debts in favor of the government.
She highlighted that the Project Lighthouse initiative, aimed at enhancing debt recovery, has enabled the consolidation of economic and financial information from various agencies, leading to the recovery of N57 billion so far.
Despite ongoing efforts to recover outstanding debts, Omar emphasized the need for improved information sharing and enforcement to address revenue loopholes effectively.
