The Ministry of Finance, Budget and National Planning has disclosed that it uncovered “monumental debts” of approximately N6 trillion being owed 11 federal Ministries, Departments and Agencies (MDAs) through the consolidation efforts of the Debt Analytics & Reporting Application.
The Director of Special Projects, Federal Ministry of Finance, Budget and National Planning, Mr. Vic- tor Omata, made the disclosure in Asaba, Delta State, during a one-day sensitisation programme for the South-South geo-political programme on federal government’s debt recovery drive through the Project Light-House Programme.
The debts were in the form of debt liabilities to the Federal Inland Revenue Service (FIRS); refunds to the government by companies that 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 (BOI) and Bank of Agriculture (BOA).
Others were judgment debt in favour of government, and debts owed Pension Transition Arrangement Directorate (PTAD) by insurance companies, among others
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