As part of its public enlightenment drive, the Debt Management Office (DMO) has charged Nigerians and other stakeholders to embrace the economic policy and reform of the President Buhari led government which is vital for stable growth and sustenance of the economy.

The remark was made on Friday  in Lagos during a one day enlightenment workshop for the online publishers with the theme: “Understanding Public Debt Management”. In his keynote address, the Director General of Debt Management Office, Dr Abraham Nwankwo expressed his confidence on the online media, describing it as an emerging force to reckon with and partner in progress in public debt matters. He said his office works in line with sound public debt practice for effective debt management at the sub national and other levels to sustain its initiative of strengthening public debt management capacity.

While addressing participants, Oladele Afolabi, Head, Portfolio Management Department - DMO, explained the ‘Processes and Procedures for Borrowing’. He said borrowing by governments in Nigeria is from both domestic and external sources. He explained that only the Federal Government can borrow externally and loans are obtained from multilateral and bilateral creditors; while securities are also issued in the international capital market. Speaking further, he affirmed that the Federal government’s domestic borrowing is entirely market- based, through the issuance of FGN Bonds and Nigerian Treasury Bills( NTBS) while domestic borrowing by state governments can be through the issuance of Bonds or Bank loans; both of which require the approval of the Minister of Finance.

In another presentation titled: ‘Eurobond Issuance: some key issues’ delivered  by Mrs Patience Oniha, Director Marketing Development Department of the DMO, highlighted some of the critical activities involved in the issuance of Eurobonds in the International Capital Market(ICM). She hinted that the objectives for issuing the Eurobond were primarily to diversify the sources from which the government can borrow, create a Benchmark (reference pricing) at which other Nigerian entities can borrow in the ICM and also create positive visibility for Nigeria among the international financial community. She further explained that Nigeria’s activities in the ICM anchored by the DMO have been conducted in full compliance with relevant laws for borrowing and procurement in terms of approval and appointments of Transaction Parties and their fees and expenses.

In addition, some of the landmark achievements of the DMO were highlighted by Mrs Asmau Mohammed, Director Strategic Programmes Department of the DMO. She informed that a comprehensive and reliable domestic debt database for all the states and the Federal Capital Territory (FCT) is maintained by the DMO which has Debt Management Departments(DMD) in the 36 States and the FCT. In addition, she said the institution has also been able to develop the capacities and competencies of substantial debt managers especially in the use of Microsoft Excel to make them more efficient as well as maintenance of technical support via continuous monitoring and evaluation of programmes.

At the Workshop, other relevant issues ranging from the external and domestic guidelines for federal and state governments and their agencies, the control measures in managing debts at sub-national level and national level, the roles of DMO in the development of a nation’s economy were discussed amongst other topics. The participants were also made to know that the stakeholders involved in public debt settlement in Nigeria are; the creditors, the DMO, Federal Ministry of Finance, Budget Office of the Federation, Central Bank of Nigeria, Office of the Accountant General of the Federation and the sub nationals.