The Federal Ministry of Finance has successfully retrieved more than N57 billion from the N5.2 trillion owed by various ministries, departments, and agencies (MDAs) to the Federal Government. Aisha Omar, the Director of Special Projects at the ministry, revealed this during a workshop in Enugu, stating that the debts were identified through data collected from over 5,000 debtors across 93 MDAs. While additional recoveries have been made, specific data was not provided at the event.
Omar, represented by Mrs. Bridget Molokwu, the Deputy Director of Special Projects, explained that the recovered debts mainly consisted of liabilities owed to the Federal Inland Revenue Service. The ministry also received refunds from companies that failed to fulfill project obligations despite receiving payments. Other refunds included unpaid credit facilities from the Bank of Industry and Bank of Agriculture, judgment debts in favor of the government, and debts owed to the Pension Transitional Arrangement Directorate by insurance companies, among others.
The ministry has utilized the Debt Analytics and Reporting Application to consolidate debts totaling approximately N5.2 trillion. Of this amount, around N57 billion has been recovered through collaborative efforts between stakeholders and the Federal Government. Molokwu highlighted that despite owing government agencies, many companies and individuals still received payments due to a lack of visibility over these transactions facilitated by government platforms such as GIFMIS and Treasury Single Account.
To enhance debt recovery efforts, the Federal Ministry of Finance introduced ‘Project Lighthouse,’ aimed at gathering relevant economic and financial information from various agencies that previously did not share data.
