The Federal Government has begun a move to recover over five trillion naira outstanding debts owed the Asset Management Corporation of Nigeria AMCON.

The government has formally inaugurated an inter-agency committee to speedily resolve the challenges in recovering the debts.

Vice President Yemi Osinbajo, who inaugurated the committee at the Presidential Villa, Abuja, charged its members to turn the tide in what has been a difficult process where debtors have continued to default in their payment obligations.

A statement by the Senior Special Assistant on Media and Publicity to the vice president, Laolu Akande, explained that about 67 per cent of the outstanding 5 trillion naira debt is being owed by just 20 individuals/entities.

Osinbajo, who admonished the committee, which would be chaired by the Chairman, Independent Corrupt Practices and other related offences Commission ICPC, Bolaji Owasanoye, to exhibit patriotism in the discharge of the mandate, expressed confidence in the expertise of the team to carry out the task ahead.