FEC approves appointment of Carterhouse to recover N5.2 trillion debts

The Federal Executive Council (FEC) has approved the appointment of Carterhouse Consulting to recover its about N5.2 trillion from some individuals and organisations.
Briefing State House correspondents at the end of the weekly FEC meeting chaired by Vice President Yemi Osinbajo, Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, said the contract is for the second phase of the Project Lighthouse.

She said the Project Lighthouse is a data engine that collects, integrates and analyzes data from revenue generating agencies in order to create insightful information for improved decision-making.

She said the contract sum for the project awarded to Messrs Carterhouse Consulting was N316.5 million.

She said the the first phase of Project Lighthouse was awarded to the company in May 2019.
“It is one major area that we have witnessed remarkable progress in terms of recovery of debt owed to government. Generally, revenue loopholes have been aided by poor information sharing and enforcement. 

“So, this project Lighthouse shows that many companies and individuals who owe government agencies have refused to honour their obligations yet are still being engaged and transacted with and even being paid on governments payment platforms like the TSA. 
“The Ministry in 2019, issued a directive to all MDAs to aggregate and send to the ministry a list of all debtors and the outstanding amount they owe to all government agencies.  This we have put together in one central point that we call project lighthouse. 

“Since that time, we have been able to aggregate N5.2trillion worth of debt that are being owed government by third parties. 
“As at today we have been able to recover about 49.7billion of this amount through the effort and working that we have been carrying out with Project Lighthouse and we are still compiling,” she said.

The minister said the Project Lighthouse has brought together data from Federal Inland Revenue Service (FIRS), the Nigeria Custom Service (NCS), the Corporate Affairs Commission (CAC) and the Central Bank of Nigeria (CBN) in one central point. 
“We also were able to get data from three states, land registry data from the FCT, from Kaduna State as well as from Lagos state,” she said, adding “other states will also being joining in the second phase.” 

She said the project has enabled the ministry to identify revenues that government could collect and be able to use the common platform to collect some of the identified revenues. 
The minister said the ministry was leveraging on the Project Lighthouse to enhance government’s revenue collection capability. 

Related content you may like

Be the first to comment