FG recovers N57bn debts from MDAs

The Federal Government of Nigeria has disclosed that it recovered N57 billion from the N5.2 trillion liabilities owed the Federal Inland Revenue Service (FIRS) and other bodies by Ministries, Departments and Agencies (MDAs) of government.

According to the Permanent Secretary, Special Duties, Federal Ministry of Finance Okokon Ekanem Udo, the debts came to the spotlight from data aggregated from over 5,000+ debtors across more than 93 MDAs.

Represented by the Ministry’s Director, Special Projects, Aisha Omar, the Permanent Secretary informed that it also received refunds to the government from companies who failed to deliver on projects for which payment had been made, adding that others are unpaid credit facilities granted to both corporate entities and individuals by the Bank of Industry (BOI), Bank of Agriculture (BOA), Judgment Debt in favor of Government and debts owed Pension Transitional Arrangement Directorate (PTAD) by Insurance Companies amongst others.