Intensify Debt Recovery Drive, FG Urges MDAs

The Federal Ministry of Finance, Budget and National Planning has urged all federal Ministries, Departments and Agencies (MDAs) to key into its debt recovery policy to improve government revenues.

The Director, Special Projects, FMFBNP, Mr Victor Omota, stated this during the South -South Zonal Sensitisation Workshop on Federal Government debt recovery drive through Project Lighthouse on Tuesday in Asaba, Delta.

Omota was represented by Mrs Bridget Molokwu, Deputy Director in the ministry.

He said that the ministry has recovered over N58 billion out of about N5.2 trillion owed by over 7,000 debtors to 11 MDAs in the past three years through its Project Lighthouse policy.

He said that the project was designed by the federal government through collaboration with the 946 federal MDAs, to recover all debts owed and to block the revenue leakages.

The director said efforts were being intensified to track all the debts owed the MDAs by its clients to ensure improved revenue to the government.

“It may interest you to note that 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 7,000 debtors across 11 MDAs. The debt aggregation effort is still ongoing,” he said.

“You will recall that one of the key economic policy objectives of the current administration is improving Federal Government revenues by targeting and increasing revenues from non-oil revenue sources.

“An important part of our policies and strategies is to leverage big data technology to help block revenue loopholes, identify new revenue opportunities, optimize existing revenue streams..

“In actualising this goal, the ministry initiated ‘’Project Lighthouse’’, which is one of the portfolio projects under the Strategic Revenue Growth Initiative (SRGI).

“This initiative has enabled the aggregation of relevant economic and financial information from multiple agencies who hitherto did not share data,” he said.

According to him, revenue loopholes have been aided by poor information sharing and enforcement.