Finance ministry recovered N57bn MDAs’ debts – Director

0
77

 

Most Widely Read Newspaper

 

- Advertisement -


Home

News

- Advertisement -

Sports

Investigations

-Advertisement-


Metro Plus

Videos

Politics

Business

HealthWise

Editorial

Columns

Podcast

Finance ministry recovered N57bn MDAs’ debts – Director

24th April 2024

 

Federal Ministry of Finance

 

By

Raphael Ede

Kindly share this story:

 

THE Federal Ministry of Finance has recovered over N57bn from the N5.2tn debts owed by ministries, departments and agencies to the Federal Government.

 

The Director, Special Projects, Federal Ministry of Finance, Aisha Omar, disclosed this in Enugu on Tuesday, during a one-day workshop on the Federal Government Debt Recovery Drive, through the Project Lighthouse Programme for the South-East zone.

 

Declaring the event open, Omar, represented by the Deputy Director of Special Projects in the ministry, Mrs Bridget Molokwu, revealed that the debts came to the spotlight from data aggregated from over 5,000 debtors across more than 93 MDAs.

 

Though she claimed more recoveries had been made, she could, however, not provide the data.

 

Bittersweet: BetNaija Player Wins N16.7m But Paid N3m0:02 / 1:01

 

She said the ministry could account for the official figure of N57bn, adding that the debts were in the form of liabilities to the Federal Inland Revenue Service.

 

Molokwu said the ministry also received refunds from companies that failed to deliver on projects for which payment had been made.

 

Other refunds, according to her, were unpaid credit facilities granted to both corporate entities and individuals by the Bank of Industry and Bank of Agriculture, Judgment Debt in favour of the government and debts owed Pension Transitional Arrangement Directorate by insurance companies, amongst others.

 

Related News

Oronsaye Report: Weighing possible outcomes of merging, scrapping MDAs

Aviation union threatens strike over MDAs’ revenue reduction

Recover N5.19trn unpaid taxes from MDAs, others, Reps urge FIRS

“Generally, revenue loopholes have been aided by poor information sharing and enforcement.

 

“It may interest you to note that the ministry, through the consolidation efforts of the Debt Analytics and Reporting Application, has been able to aggregate monumental debts of approximately N5.2tn.

 

“The debt aggregation effort is still ongoing. Currently, approximately N57bn has been recovered so far from this amount, due to concerted efforts on the part of stakeholders and the Federal Government,” she said.

READ ALSO:  Revenue target: House C’ttee meets finance minister, CG customs, NUPRC boss

 

She added that data from Project Lighthouse revealed that many companies and individuals who owed government agencies and refused to honour their obligations were still being paid.

 

According to her, this was done through the government platforms such as GIFMIS and Treasury Single Account, due to lack of visibility over these transactions.

 

In actualising the debt recovery goal, she said the Federal Ministry of Finance initiated ‘Project Lighthouse,’ which, according to her, had enabled the aggregation of relevant economic and financial information from multiple agencies who hitherto did not share data.

 

 

We do everything possible to supply quality news and information to all our valuable readers day in, day out and we are committed to keep doing this. Your kind donation will help our continuous research efforts.

-Advertisement-

-Want to get the news as it breaks?-