Thursday, October 27

20 people owing Nigeria N1.2trn, says house spokesman

20 people owing Nigeria N1.2trn, says house spokesman

Abdulrazak Namdas, chairman house of representatives committee on media and publicity, says 20 individuals are owing the federal government N1.2 trillion.

Addressing journalists on Thursday, Namdas said recovery of the money would help the country in its time of recession.

“As we all know we are in a recession AMCON was established between 2007 and 2009 as a response to the global financial crisis, at that the FG through ministry of finance and CBN guaranteed a loan that AMCON should raise 5.67 trillion naira,” he said

“This was to save some of these failing financial institutions at that time, AMCON cannot recover 2.473 trillion.

“This is a time we need this resources and this debt is piling up and people owing this money are still leaving and kicking an infact they don’t appear to have issues, some of them own private jets.

“If we can invest that into the economy it will assist the economy very well and it will interest you to know that out of this 2.4 trillion only 20 individuals have about 1.2 trillion to cough out.”

Earlier, the house mandated its committee on banking and currency to investigate the failure of bank debtors/obligos to pay up their loans to the tune of N2.4 trillion.

The lawmakers said that if these loans are paid by the debtors, it would enable AMCON to redeem its three years zero coupon.

The resolution by the house was sequel to a motion on matters of public importance sponsored by Johnbull Shekarau from Plateau state.

While moving the motion on the floor the house, the lawmaker said the federal government through the ministry of finance and the Central Bank of Nigeria (CBN), had provided the initial capital and a three years zero coupon to allow AMCON raise N 5.67 trillion for intervention.

“Six years after, AMCON is yet to recover over N2.463 billion from obligos/bank debtors to enable three years zero coupon bond she acquired,” Johnbull said.

“The inability to recover this amount has serious implication on the economy especially now that it is in recession.”

Several lawmakers contributing to the debate urged the federal government not to do business with companies owing banks until they have settled their debts.

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