FG expresses concern over N4tn debt owed by several companies

Oluwanifemi Ojo
Oluwanifemi Ojo
Federal Government of Nigeria


A Federal Government agency, Asset Management Corporation of Nigeria has requested assistance from stakeholders in order to recover N4 trillion in debt owed by businesses and other private organizations in Nigeria.

Daily Post reported that this was revealed over the weekend in Lagos to stakeholders and external solicitors by AMCON’s managing director, Mr Ahmed Lawan Kuru.

He clarified the significance of the agency’s mandate for debt recovery on a national level. He bemoaned the fact that the N4 trillion debt was funded by government money and that all hands must be on deck to reclaim it.

Kuru, represented by the Group Head of the Corporation, Mr. Benedict Daminabo, stated that the federal government’s current N46 trillion debt burden will increase if the agency was unable to recover the N4 trillion.

“Also, considering that the Corporation has begun to put measures in place for the eventual wind-down of its activities as it is not created to remain in perpetuity, we see working and collaborating with our stakeholders as a priority,” he stated.

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