The Federal Government has disclosed that it recovered about N57 billion from the N5.2 trillion debt owed by 10 Ministries, Departments and Agencies (MDAs) under the Project Light House Programme with the adoption of the Debt Analytics and Reporting Application tools.
The disclosure was made by Director, Special Projects of the Federal Ministry of Finance, Aisha Omar, in Gombe, Gombe State during a one-day sensitisation programme for the North-East geopolitical zone programme on the government’s debt recovery drive through the Project LightHouse Programme.
Represented at the event by the Deputy Director in the Department, Mrs. Bridget Molokwu, the Director hinted that these debts came to the spotlight from data aggregated from over 5,000 debtors across 10 MDAs, adding that the aggregation exercise is still ongoing.
Omar pointed out that the core focus of the project was to leverage on big data technology to help block revenue loopholes, identify new revenue opportunities, optimize existing revenue streams, especially non-oil revenue as well as improve fiscal transparency.
Specifically, the Director pointed out that the project was helpful in collecting, integrating and analysing data from revenue generating agencies in order to create insightful information for improved decision making on debt recovery.
Omar further disclosed that data from Project Lighthouse Programme showed that many companies and individuals who owed government agencies and refused to fulfil their obligations were still being paid, especially through the government platforms such as GIFMIS and Treasury Single Account (TSA) due to lack of visibility over such transactions.
The Director listed the forms of the MDAs’ debt liabilities to the Federal Inland Revenue Service (FIRS); refunds to the government by companies which 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)
The Federal Government has disclosed that it recovered about N57 billion from the N5.2 trillion debt owed by 10 Ministries, Departments and Agencies (MDAs) under the Project Light House Programme with the adoption of the Debt Analytics and Reporting Application tools.
The disclosure was made by Director, Special Projects of the Federal Ministry of Finance, Aisha Omar, in Gombe, Gombe State during a one-day sensitisation programme for the North-East geopolitical zone programme on the government’s debt recovery drive through the Project LightHouse Programme.
Represented at the event by the Deputy Director in the Department, Mrs. Bridget Molokwu, the Director hinted that these debts came to the spotlight from data aggregated from over 5,000 debtors across 10 MDAs, adding that the aggregation exercise is still ongoing.
Omar pointed out that the core focus of the project was to leverage on big data technology to help block revenue loopholes, identify new revenue opportunities, optimize existing revenue streams, especially non-oil revenue as well as improve fiscal transparency.
Specifically, the Director pointed out that the project was helpful in collecting, integrating and analysing data from revenue generating agencies in order to create insightful information for improved decision making on debt recovery.
Omar further disclosed that data from Project Lighthouse Programme showed that many companies and individuals who owed government agencies and refused to fulfil their obligations were still being paid, especially through the government platforms such as GIFMIS and Treasury Single Account (TSA) due to lack of visibility over such transactions.
The Director listed the forms of the MDAs’ debt liabilities to the Federal Inland Revenue Service (FIRS); refunds to the government by companies which 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).
Also, the other categories comprised judgment debt in favour of the Federal Government, and debts owed Pension Transition Arrangement Directorate (PTAD) by insurance companies, among others.
The Federal Government has disclosed that it recovered about N57 billion from the N5.2 trillion debt owed by 10 Ministries, Departments and Agencies (MDAs) under the Project Light House Programme with the adoption of the Debt Analytics and Reporting Application tools.
The disclosure was made by Director, Special Projects of the Federal Ministry of Finance, Aisha Omar, in Gombe, Gombe State during a one-day sensitisation programme for the North-East geopolitical zone programme on the government’s debt recovery drive through the Project LightHouse Programme.
Represented at the event by the Deputy Director in the Department, Mrs. Bridget Molokwu, the Director hinted that these debts came to the spotlight from data aggregated from over 5,000 debtors across 10 MDAs, adding that the aggregation exercise is still ongoing.
Omar pointed out that the core focus of the project was to leverage on big data technology to help block revenue loopholes, identify new revenue opportunities, optimize existing revenue streams, especially non-oil revenue as well as improve fiscal transparency.
Specifically, the Director pointed out that the project was helpful in collecting, integrating and analysing data from revenue generating agencies in order to create insightful information for improved decision making on debt recovery.
Omar further disclosed that data from Project Lighthouse Programme showed that many companies and individuals who owed government agencies and refused to fulfil their obligations were still being paid, especially through the government platforms such as GIFMIS and Treasury Single Account (TSA) due to lack of visibility over such transactions.
The Director listed the forms of the MDAs’ debt liabilities to the Federal Inland Revenue Service (FIRS); refunds to the government by companies which 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).
Also, the other categories comprised judgment debt in favour of the Federal Government, and debts owed Pension Transition Arrangement Directorate (PTAD) by insurance companies, among others.
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Also, the other categories comprised judgment debt in favour of the Federal Government, and debts owed Pension Transition Arrangement Directorate (PTAD) by insurance companies, among others.
