Federal Government Recovers N57 Billion from MDAs’ N5.2 Trillion Debts

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The Federal Government has made strides in recovering a portion of the N5.2 trillion owed to the Federal Inland Revenue Service (FIRS) by various Ministries, Departments, and Agencies (MDAs), reclaiming a significant sum of N57 billion.

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At a sensitisation workshop held in Enugu on the Federal Government Debt Recovery Drive through the Project Lighthouse Programme, Mr. Okokon Udo, the Permanent Secretary of Special Duties at the Federal Ministry of Finance, shared this development. He highlighted that data from over 5,000 debtors across 93 MDAs uncovered these liabilities, with refunds received from companies failing to fulfill project obligations.

Represented by Mrs. Aisha Omar, Director of Special Duties, Udo emphasized the significance of the Project Lighthouse initiative in consolidating economic and financial information from agencies previously siloed. He noted that the Ministry’s Debt Analytics and Reporting Application facilitated the aggregation of debts, leading to the recovery of approximately N57 billion.

The recovered funds encompass various outstanding liabilities, including unpaid credit facilities from institutions like the Bank of Industry and Bank of Agriculture, as well as judgment debts and amounts owed to the Pension Transitional Arrangement Directorate by insurance companies.

Moreover, Udo underscored ongoing efforts to pursue entities still withholding payments to government agencies, leveraging platforms such as GIFMIS and the Treasury Single Account (TSA) to ensure compliance.


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Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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