Over 5,000 debtors are currently owing 10 federal agencies about N4.67tn.
The Minister of Finance, Budget, and National Planning, Zainab Ahmed, disclosed on Monday.
She said the federal government had in the past 18 months recovered N53.8 billion out of the N5.2 trillion owed 10 ministries, departments and agencies.
Mrs Ahmed was speaking at the launch of the Project Lighthouse Debt Analytics and Reporting platform in Abuja.
The minister credited the project lighthouse and the collaborative efforts of the Office of the Account General for the discovery and recovery of the outstanding debts Sequel to the issuance of the finance circular, the ministry through the consolidation efforts of the project, has been able to aggregate monumental debts of approximately N5.2trn.
Mrs Ahmed said, “These debts came to the spotlight from data aggregated from over 5,000 debtors across 10 Ministries, Departments and Agencies.
“Working in collaboration with the Office of the Accountant General of the Federation, we have been able to recover the sum of N53.5bn within the last 12-18 months, through the Government Integrated Financial Management Information System as a recovery touchpoint.
“However, to consolidate on the current effort of this project, a debt recovery application has been built to be monitored by the new Debt Recovery Unit.”
