The Finance Ministry is taking necessary steps to recover aggregated debts amounting to N5.2 trillion owed to the Federal Government by over 5000 companies and individuals. This was made known by the Minister of Finance, Budget and National Planning, Zainab Ahmed on Thursday in Minna, Niger State at a sensitization workshop.
The Ministry’s Director of Special Projects, Victor Omata, who represented the minister, made the disclosure concerning the huge debt sum, which cuts across 19 ministries, departments and agencies.
It was further disclosed that the ministry arrived at the debt figure through the consolidation efforts of the Debt Analytics and Reporting Application.
“The ministry, through the consolidation efforts of the Debt Analytics and Reporting Application, has been able to aggregate monumental debts of approximately N5.2 trillion. These debts came to the spotlight from data aggregated from over 5000+ debtors across 10 Ministries, Departments and agencies.”
“These debts are in the form of debt liabilities to the Federal Inland Revenue Service; Refunds to the government by companies who failed to deliver on projects for which payment had been effected, unpaid credit facilities granted to both corporate entities and individuals by the Bank of Industry and Bank of Agriculture; judgement debt in favour of government; debts owed Pension Transitional Arrangement Directorate by Insurance Companies and others, she stated.”
