Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, has stated that the Federal Government will pursue the collection of N5.2 trillion in debt due by over 5,000 debtors through various Ministries, Departments, and Agencies, or MDAs.
Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning, made the announcement yesterday in Abuja at the opening of the Project Lighthouse Debt Analytics and Reporting Platform.
The debt was discovered as a result of a 2019 Finance Circular instructing all MDAs and Federal Government Owned Enterprises (FGOEs) to provide the government’s credit portfolio in all such organizations, according to Ahmed.
In the last one and a half years, she revealed that N53.5 billion had been recovered.
Ahmed said: “A perfunctory review of perceived significant leakages in government led the FMFBNP to issue a directive on 26th September 2019, to all government agencies in a bid to aggregate all government debts across all Ministries, Departments, and Agencies (MDAs), with a view to having a single window on the credit profile of the government.
“Sequel to the issuance of the Finance Circular, the Ministry through the consolidation efforts of the project, has been able to aggregate monumental debts of approximately N5.2 trillion.
“These debts came to the spotlight from data aggregated from over 5,000+ debtors across 10 MDAs. Working in collaboration with the Office of the Accountant General of the Federation (OAGF), we have been able to recover N53.5 billion within the last 12-18 months, through the Government Integrated Financial Management Information System (GIFMIS) as a recovery touchpoint.
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