Naira

The Federal Government said it has recovered N57 billion from the N5.2 trillion liabilities owed the Federal Inland Revenue Service (FIRS) and other bodies by Ministries, Departments and Agencies (MDAs) of government.

Permanent Secretary, Special Duties, Federal Ministry of Finance Okokon Udo revealed this on Tuesday in Enugu State during a Sensitisation Workshop on Federal Government Debt Recovery Drive through Project Lighthouse Programme for South-East geo-political zone.

According to Udo, the debts came to the spotlight from data aggregated from over 5,000+ debtors across more than 93 MDAs.

Represented by the Ministrys Director, Special Projects, Aisha Omar, Udo stated that it also received refunds to the government from companies who failed to deliver on projects for which payment had been made.

He explained that others are unpaid credit facilities granted to both corporate entities and individuals by the Bank of Industry (BOI), Bank of Agriculture (BOA), Judgment Debt in favour of Government and debts owed Pension Transitional Arrangement Directorate (PTAD) by Insurance Companies.

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

He said this was done via government platforms such as GIFMIS and Treasury Single Account (TSA) due to lack of visibility over the transactions.

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