Business

Firms, 350 individuals owe us N3.6 trn, says AMCON

Asset Management Corporation of Nigeria (AMCON) has revealed that 350 debtors owe the agency N3.6 trillion,

According to AMCON, the amount is higher than the N3.12 trillion budgeted this year by the Federal Government for debt servicing.

It added that the huge amount is recovered, would be enough to complete some projects in the country, including the moribund Ajaokuta Steel Company in Kogi State,

It also said that the money would be enough to empower  over two million Micro-businesses with N2 million each or 200,000 Small and Medium Enterprises (SMEs) with N20 million per SME.

The agency Group Head of AMCON Enforcement, Joshua Ikioda, disclosed this at a seminar held for Court’s senior staff in Lagos.

He spoke on the theme: “Overview of AMCON from Cradle to Date and the Implication of the Bad Debt to the Nigerian Economy.”

He said: ”This colossal outstanding debt of N4.4 trillion is bigger than the N3.85 trillion capital expenditure budget of the federal government of Nigeria in 2021. It is also bigger than the N3.12 trillion total foreign debt service and N3.7 trillion personnel cost for the year,” he said.

“It is also bigger than the N3.12 trillion for total foreign debt service for 202.

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