Federal Ministry Of Finance Recovers Over N57 Billion In MDAs’ Debts

Federal Ministry Of Finance Recovers Over N57 Billion In MDAs’ Debts

During a one-day workshop on the Federal Government Debt Recovery Drive held in Enugu, the Director of Special Projects at the Federal Ministry of Finance, Aisha Omar, revealed that the ministry has successfully recovered over N57 billion from debts owed by ministries, departments, and agencies (MDAs) to the Federal Government……READ ALSO Federal Ministry Reveals: 88.4 Million Nigerians Endure Extreme Poverty

The debts, totaling N5.2 trillion, were identified through data aggregated from more than 5,000 debtors across over 93 MDAs. Although Omar mentioned that additional recoveries had been made, she did not provide specific figures beyond the N57 billion.

These debts primarily consisted of liabilities to the Federal Inland Revenue Service, refunds from companies that failed to deliver on projects, unpaid credit facilities, judgment debts in favor of the government, and debts owed to the Pension Transitional Arrangement Directorate by insurance companies.

Omar highlighted the role of poor information sharing and enforcement in perpetuating revenue loopholes, emphasizing the importance of initiatives like the Debt Analytics and Reporting Application in consolidating debt-related data and facilitating recovery efforts.

She also noted that ‘Project Lighthouse,’ initiated by the Federal Ministry of Finance, played a crucial role in aggregating economic and financial information from multiple agencies, enhancing visibility over transactions and aiding in the debt recovery process.

The ongoing effort to recover outstanding debts underscores the government’s commitment to addressing revenue leakages and improving fiscal sustainability.

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