Federal Government Recovers ₦57 Billion Out of ₦5.2 Trillion Owed by Government Agencies

The Federal Government’s push to reclaim lost revenue has hit a milestone, recovering a whopping ₦57 billion owed by various government bodies.

This sum is part of a larger ₦5.2 trillion owed to the Federal Inland Revenue Service (FIRS). Refunds also poured in from companies that didn’t deliver on projects they were paid for.

The revelation came from Okokon Udo, speaking on behalf of the Federal Ministry of Finance, during a workshop in Enugu. Udo pointed out that over 5,000 debtors from 93 government bodies owed money.

The government’s debt recovery initiative, called Project Lighthouse, was launched to track down these debts by pooling data from various agencies.

Udo highlighted the critical role of Project Lighthouse in uncovering defaults, where companies and individuals still received payments through government systems despite owing money.

The debts ranged from unpaid loans in institutions like the Bank of Industry to unresolved judgments and unpaid pension funds.

This recovery effort exposes a systemic issue of poor data sharing and enforcement, underscoring the need for better transparency and accountability in government financial operations.