10 Oct FG to recover N5.2tr debt from MDAs
The federal government is set to create a debt recovery unit next year to help it recover debts amounting to about N5.2 trillion.
According to the details of the 2022 Budget, the debt recovery unit will be domiciled in the Federal Ministry of Finance from where it will “consolidate on the current efforts to recover government debts owed through its MDAs”.
It was learnt that the unit will work with Project Lighthouse, another entity domiciled in the Ministry of Finance.
Project Lighthouse provides the government with up-to-date records into its credit status by harmonising debt records across all MDAs within the country, give debtors access to a platform to view and offset debt in a seamless and secured manner as well as strengthen the institutional framework for enforcement and management of the Federal Debt Recovery plan.
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