Vice President Kashim Shettima on Wednesday inaugurated the Supervisory Board of the Debt Management Office (DMO) to strengthen fiscal and monetary policy coordination of the Federal Government.
The vice-president, while inaugurating the board at the Presidential Villa, Abuja, said it was part of government’s efforts to ensure long-term debt sustainability, in line with President Bola Tinubu’s Renewed Hope Agenda.
He implored members of the board to come up with strategic approach to public debt management.
He noted that Nigeria must continue to use public debt as vehicle for the development of critical infrastructure and tool for economic growth and poverty reduction.
Shettima, who is also the Chairman of the board, said that “with prudent management, debt can be transformed into an asset for economic growth and poverty reduction.
“Our goal must be to formulate policies, regulations and guidelines for the DMO, with a view to achieving long-term debt sustainability for our country.”
He explained that the approach aligns with the Renewed Hope Agenda of President Tinubu’s administration, which pprioritises fiscal discipline, economic stability and sustainable development.
He said that borrowing, when applied prudently, could serve as catalyst for economic growth, rather than financial liability.
“As you all know, public debt, if prudently applied, becomes an asset for economic growth and poverty reduction.
“However, recent realities in our economy call for stronger coordination between our fiscal and monetary policies,” he said.
The vice-president, who commended President Tinubu for the economic reforms, acknowledged the president’s dogged efforts toward reforming the economy.
He also praised the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the DMO leadership “for their untiring efforts in the day-to-day management of the nation’s sovereign debt portfolio.
“I want to commend the dedication of our leader, President Bola Tinubu, GCFR, in his dogged efforts toward reforming our economy.
“I also applaud the Minister of Finance and the Coordinating Minister of the Economy, and the DMO Management, for their untiring efforts in the day-to-day management of our sovereign debt portfolio,” he said.
He noted that Nigeria’s recent success in the global financial market on the issuance of a 2.2-billion-dollar double-tranche Eurobond was a testament to investor confidence in the country.
“I also use this opportunity to congratulate them and other members of the Nigerian delegation for a successful outing in the recent 2.2 billion dollars double-tranche Eurobond issuance.
“The over-subscription rate of the bonds shows an impressive appetite for our country’s sovereign instruments in the global capital market.”
Other members of the DMO board are the Minister of Finance and Coordinating Minister of the Economy, Wale Edun (Vice Chairman); and Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (member).
Others are Special Adviser to the President on Economic Matters, Dr Tope Fasua (member); Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso (member); Accountant-General of the Federation (OAGF), Dr Oluwatoyin Sakirat Madein (member), and Director-General of DMO, Patience Oniha (Secretary).
