The latest financial statement if Nigeria’s Debt Management Office of Nigeria (DMO) shows that it recorded a surplus of N1.31 billion for the 2019 financial year.
This represents a 144.1 percent increase in profit compared to N538.4 million recorded in the previous year.
The financial statement, published on the DMOs website showed that it recorded growth in profit despite a 5.5 percent decline in its income recorded in the period under review. It also generated a sum of N3.88 billion as revenue in 2019 compared to N4.1 billion made in 2018.
Similarly, value-added increased by 85 percent from N954.51 million recorded in 2018 to N1.77 billion in 2019. According to the statement, value-added represents the additional wealth the office has been able to create by its own and its employees’ efforts.
The statement shows the allocation of the wealth among employees, providers of capital, and that retained for the future creation of more wealth.
Director-General, Ms. Patience Oniha, in a reaction to the development, said the report was consistent with best practice and also includes a review of the global and domestic macro-economic environment including policies and activities that impacted on the debt and credit markets in the year under review.
