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, Aisha Omar, the Director of Special Projects at the Federal Ministry of Finance, disclosed that the ministry has achieved a significant milestone by recovering over N57 billion in debts owed by various ministries, departments, and agencies (MDAs) to the Federal Government.

The staggering amount recovered comes as a result of diligent efforts to address revenue leakages and improve fiscal sustainability. Omar revealed that these recoveries are part of a broader initiative targeting the retrieval of debts totaling N5.2 trillion identified across more than 5,000 debtors spanning over 93 MDAs.

The debts, ranging from liabilities to the Federal Inland Revenue Service to refunds from companies that failed to deliver on projects, have been a longstanding challenge for the government. 

Additionally, unpaid credit facilities, judgment debts in favor of the government, and debts owed to the Pension Transitional Arrangement Directorate by insurance companies were among the primary contributors to the accumulated debt.

Despite the significant progress made with the recovery drive, Omar did not provide specific figures beyond the N57 billion. However, she stressed the importance of initiatives such as the Debt Analytics and Reporting Application, which consolidates debt-related data and streamlines recovery efforts.

Furthermore, Omar underscored the critical role of information sharing and enforcement in closing revenue loopholes. Initiatives like 'Project Lighthouse,' initiated by the Federal Ministry of Finance, have proven instrumental in aggregating economic and financial information from various agencies, thereby enhancing visibility over transactions and aiding in the debt recovery process.

The ongoing effort to recover outstanding debts highlights the government's unwavering commitment to financial accountability and its determination to fortify the nation's fiscal health.

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