The Federal Government’s revenue recovery efforts have yielded significant results, with the recovery of ₦57 billion owed by various Ministries, Departments, and Agencies (MDAs). This amount is part of the larger ₦5.2 trillion liabilities owed to the Federal Inland Revenue Service (FIRS).

The successful recovery was facilitated through the implementation of Project Lighthouse, aimed at addressing outstanding debts and improving transparency in financial transactions.

The initiative was launched after the Ministry of Finance collated data revealing over 5,000 debtors across 93 MDAs nationwide. According to the Permanent Secretary, Special Duties, Okokon Udo, Project Lighthouse aims to aggregate relevant economic and financial information from government agencies to enhance debt recovery processes.

The revelation of outstanding debts highlighted loopholes in revenue collection, exacerbated by poor information sharing and enforcement. Despite being defaulters, some companies and individuals continued to receive payments through government platforms like the Government Integrated Financial Management Information System (GIFMIS) and Treasury Single Account (TSA), underscoring the need for increased transparency.

The recovered debts encompass various sectors, including unpaid credit facilities in institutions like the Bank of Industry (BOI) and Bank of Agriculture (BOA), as well as judgment debts and liabilities owed to entities like the Pension Transitional Arrangement Directorate (PTAD) by insurance companies.

Through Project Lighthouse, the Federal Government aims to streamline debt recovery processes and enhance fiscal accountability across MDAs.