5000+ MDAs owing FG N5.2trn -Finance Minister

Nigeria’s Finance Minister, Zainab Ahmed, has disclosed that 5,000 companies and individuals are indebted to the Federal Government to the tune of N5.2 trillion.

She said this during a two-day workshop seminar in Minna, Niger state. Zainab who was represented by the Director of Special Projects at the ministry, Victor Omata, stated that the debts cut across 19 ministries, departments and agencies

“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 5,000+ debtors across 19 Ministries, Departments, and Agencies (MDAs), he said

“The debt aggregation effort is still ongoing”

“These debts are in the form of debt liabilities to the Federal Inland Revenue Service; refunds to the government by companies who 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 and Bank of Agriculture; judgment debt in favour of Government, debts owed Pension Transitional Arrangement Directorate by Insurance Companies among others.”