The Debt Management Office (DMO), has denied the insinuations that it was unable to account for the sum of N2.2 trillion allocated to its office in the 2018 Appropriation Act.
It said the appropriated sum of ₦2.2 trillion was not available as its total allocation.
It explained that of the N2.2 trillion provided in the 2018 act; only the sum of N721, 251,798.00 was appropriated to its agency, while the remaining N2.1 trillion was earmarked for debt service.
“The provisions in the Annual Appropriation Acts for Debt Service, including the 2018 Appropriation Act, are dedicated for Debt Service payments only.”
“This item in the annual budget is for the repayment of Principal, Interest and Other Charges for both Domestic and External Debt,” it added.
It said funds for Debt Service are never released to the DMO for spending, rather, in line with the mandate of the Office of the Accountant-General of the Federation (OAGF), the funds are domiciled with the OAGF, who on the advice of the DMO, effects payments directly to the creditors as at when due
