Asset Management Corporation of Nigeria (AMCON) in its debt recovery scheme has urged both the federal government and stakeholders to join in.
The corporation stated this in a statement titled, ‘‘Risk of not recovering over N4.4tn current exposure bad for economy – AMCON’.
“This colossal outstanding going by the 2021 budget estimate rivals the entire budget of the 36 states of the Federal Republic of Nigeria.
“N4.4tn, which is owed AMCON is bigger than the entire 2021 capital expenditure budget of the Federal Government of Nigeria, which stands at N3.85tn.
“It is also bigger than the N3.12tn for total foreign debt service for 2021 and personnel cost of N3.7tn.”
It added that the sum of N3.6 trillion was held by 350 obligators, accounting for 82 percent of its outstanding exposure of N4.4 trillion.
The corporation said that if its outstanding was recovered, it would be able to breathe life into the defunct Ajaokuta Steel Company and other projects.
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AMCON stated the importance of the iron and steel sector to any economy, as it could be be backbone of many aspects of the company’s growth.
Emphasising the need to recover its debt, the corporation said that the recovery would fund more than two million small businesses with N2 million as capital.
It said that that owed money belong to taxpayers and that it was important that the debts are recovered.
