…calls for innovation
A coalition of 29 Civil Society Organisations (CSOs) have commended the leadership of Debt Management Office (DMO) for professionalism in the management of the nation’s stressing that there was need for Nigerians to adopt innovative approaches to help cushion the challenges and effects certain policies and reforms of government would throw at them.
This came as the CSO’s led by Guardians of Democracy and Development and Public Service Accountability Watch and Empowerment for Unemployed Youths Initiative, applauded Dame Patience Oniha, Director General of the Debt Management Office (DMO) for being a core professional determined to effectively manage Nigeria’s debt profile in a professional and pragmatic manner on Monday in Abuja.
Mallam Shuaibu Abdulkadir, convener of one of the CSO’s, insisted that citizens must be encouraged to innovate and be productive, while government Agencies such as the DMO must double efforts to serve as the link bridge of enlightening the citizens on current developments.
He said: “We urge the DMO to continue to provide the necessary professional guidance to the country’s debt management.
In carrying out its function, greater partnership with the Civil Society and media will be required so that all stakeholders can work together to steer the country out of any form of colossal debt challenge.”
Spokesperson of the Coalition and Convener, Guardians of Democracy and Development, Prince Igwe Ude-umanta, noted that Oniha had brought in innovations and fiscal prudence to debt management in Nigeria with very impressive achievements that have attracted the attention of the international community.
He said: “In its continued display of high professionalism and excellence, the Debt Management Office (DMO) under the capable leadership of Ms. Patience Oniha released the 2022 Debt Sustainability Analysis Report (2022) a few days ago. In the report, the DMO raised concerns about Nigeria’s Debt Sustainability due to the increase in public debt-to-GDP to 37.1 percent in 2023 from 24.3 percent in September, 2022.
“This concern aligns with the prevailing concerns of all experts and professional in the Nigerian Economy. DMO went further to warn the government that it is close to its self-imposed 40 percent debt ceiling, meaning that government has very little space to borrow, and should as a matter of caution avoid borrowing more. This indeed is a very patriotic move which only a selfless and courageous compatriot can undertake. It is very commendable and we urge the present administration to heed the professional and candid opinion of this prolific debt manager.
“To this end, the Civil Society Coalition on the heels of direct feedback from the masses aligns with the recommendation for the widening of the revenue generation base and strengthening Public Private Partnership initiatives, where capital projects can be financed through PPP rather than borrowing to execute them. Luckily, this professional advise is in consonance with the focus of the President Bola Ahmed Tinubu’s administration who has began to dismantle the roadblocks to revenue generation and loss of same starting with subsidy removal and widening of the tax net as well as ending unjustifiable tax waivers to boost the economy”
Leaders of the 28 CSO’s also congratulated Oniha for bagging three international awards by the Europe, Middle East and Africa (EMEA) Finance Achievement Awards 2022 in London, for fulfilling its debt obligation and putting into place best debt management strategies in the categories of; Best Sovereign Borrower; Best Sovereign Bond and Best Local Currency Bond, describing the awards as exceptional and highly commendable.
They called on the DMO to continue with the good work it has been doing that has earned it international recognition including fulfilling its debt obligations on time, the successful issuance of the Nigeria’s $4bn triple-tranche Eurobond in 2021 and its proficiency in the facilitation of the FGN ₦250bn SUKUK fund in 2021.
