FG ANNOUNCES RECOVERY OF N57 BILLION DEBT FROM 10 MDAs
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The Federal Government has declared that Ministries, Departments, and Agencies (MDAs) of government have recovered N57 billion from the N5.2 trillion in liabilities outstanding to the Federal Inland Revenue Service (FIRS) and other agencies.
The revelation was made on Tuesday in Enugu State at a sensitization workshop on the federal government’s debt recovery drive through the Project Lighthouse Programme for the South-East geopolitical zone by Okokon Ekanem Udo, the Permanent Secretary, Special Duties, Federal Ministry of Finance.
Ekanem announced the event’s opening and said that data compiled from more than 5,000 debtors in more than 93 MDAs put the debts in the public eye. Mohammed Manga, a ministry spokesperson, said as much in a statement.
The Permanent Secretary, through the Ministry’s Director of Special Projects, Aisha Omar, represented the Ministry and stated that, among other things, unpaid credit facilities awarded to individuals and corporate entities by the Bank of Industry (BOI), Bank of Agriculture (BOA), judgement debts in favour of the government, and debts owed by insurance companies to the Pension Transitional Arrangement Directorate (PTAD) are among the other items that the Permanent Secretary stated the government received refunds from.
Mr. Udo continued, citing statistics from Project Lighthouse that showed a large number of businesses and people who owed government agencies money but had refused to pay them were still getting paid. He claimed that because there was no visibility over these transactions, this was done through government channels like GIFMIS and Treasury Single Account (TSA).
He claims that in order to achieve the goal of debt recovery, the Federal Ministry of Finance launched Project Lighthouse, which has made it possible to compile pertinent economic and financial data from several organisations that had not previously shared data.
Ekanem noted that inadequate enforcement and information exchange have typically contributed to revenue loopholes. He stated that you would find it interesting to know that the Ministry has accumulated enormous debts totaling about N5.2 trillion thanks to the Debt Analytics and Reporting Application’s consolidation efforts.
The Permanent Secretary revealed that the debt aggregation process is still in progress and that, as a result of coordinated efforts by all parties involved, including the Federal Government, almost N57 billion of the total debt has been collected to date.
He revealed that the Ministry has taken action to close this significant revenue gap, including providing a single window on the government’s credit profile and issuing a ministerial instruction to all MDAs to aggregate all government debt across the public finance space.
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