The federal government has discovered monumental debts of approximately N5.2 trillion from over 5,000 debtors across ten ministries, departments and agencies (MDAs).
The discovery was made through the Debt Analytics & Reporting Application under the Project Lighthouse of the Federal Ministry of Finance, Budget and National Planning.
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The Director, Special Projects in the ministry, Victor Omota, who disclosed this in Lagos at the South West Zonal sensitisation workshop on the FG debt recovery drive through the project lighthouse programme, said the debt aggregation effort is still ongoing as the government is determined to improve its revenue by leveraging big data technology to help block revenue loopholes, identify new revenue opportunities and optimise existing revenue, especially non-oil revenue as well as improve fiscal transparency.
“It may interest you to note that the ministry through the consolidation efforts of the Debt Analytics & 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 5,000+ debtors across ten (10) ministries, departments and agencies (MDAs). The debt aggregation effort is still ongoing,” he said.
A senior development consultant on the project, Abraham Attah noted that about N42 billion has been recovered from this.
