The Nigerian government is set to recover more bad loans. About N5.2 trillion debt owed Africa’s largest economy by some individuals and firms are expected to be recovered in the second phase of the Project Lighthouse. 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.
The project was approved by the country’s Vice President Yemi Osinbajo-led Federal Executive Council on Wednesday. This has been confirmed by Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, after the council’s meeting.
Such revenue loopholes in the country have been aided by poor information sharing and enforcement. Project Lighthouse shows that companies and individuals who owe government agencies have refused to honour their obligations yet are still being engaged and transacted with.
It has brought together data from the Federal Inland Revenue Service, FIRS, the Nigeria Customs Service, the Corporate Affairs Commission, as well as data from the Central Bank of Nigeria, in one central point.
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