Over 5,000 companies, individuals owe FG N5.2 trillion: Official
The Federal Ministry of Finance, Budget and National Planning says it has stepped up efforts to block revenue loopholes and debt recovery drive.
The director in charge of special projects in the ministry, Victor Omata, stated this on Monday at the zonal sensitisation workshop in Kano.
The workshop was on the federal government debt recovery drive through Project Lighthouse Programme.
Represented by the deputy director of special projects, Mohammed Sa’idu, he said that the ministry initiated the lighthouse initiative to end revenue leakages in the country.
According to him, over 5,000 companies and individuals across 10 Ministries, Departments and Agencies owe the federal government N5.2 trillion.
He explained that the debt came to the spotlight from data aggregated from ongoing debt aggregation efforts from over 5,000 debtors across 10 MDAs by the ministry.
“In a bid to block revenue loopholes and increase revenues, especially from non-oil sources, 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. Revenue loopholes have been aided by poor information sharing and enforcement,” he said.
Mr Omata said data from the initiative revealed that many companies and individuals, who owe government agencies, have refused to honour their obligations but were still being paid, especially through the government platforms.
The director explained that debts were in the form of debt liabilities to the Federal Inland Revenue Service (FIRS).
According to him, part of the measures taken by the ministry to curb revenue leakages include issuing a ministerial directive on September 26, 2019, to all MDAS.
The directive aims to aggregate all government debt across the public finance space and have a Single Window on the credit profiles.
He charged stakeholders on providing quality and relevant information- debt-related- to support the Federal Government Economic Recovery and Growth Plan (ERGP) in improving revenues by targeting and increasing non-oil sources.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Heading 5
Kogi School Abduction: Troops have blocked exit points, tracking gunmen to rescue victims, says commander
Mr Monde said four people were being held by the gunmen.
Hot news Home top
Court orders Sanwo-Olu’s paramour Aisha Achimugu to forfeit N4.6 billion jewellery, 11 exotic cars, $50,000 to FG
Justice Jude Onwugbuzie granted the order in a judgement on Thursday.
States
Complainant to perform 30-minute community service for wearing ripped jeans to court
The Prosecutor, Inspector Elisha Tellang, alleged that Lawal stole Elijah’s itel phone valued at N120,000.
States
Enugu suspends three monarchs, four others for alleged security breaches
The commissioner explained that the alleged conduct was contrary to Governor Peter Mbah’s zero-tolerance policy on insecurity in Enugu State.
Lagos
LASTMA rescued 200 victims across 500 road crashes in three months: General Manager
Mr Bakare-Oki further advised residents to postpone non-essential trips during periods of heavy rainfall and flash floods to ensure their safety.
