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Vice President Kashim Shettima has launched the Supervisory Board of the Debt Management Office (DMO) as part of the Federal Government's initiative to enhance the coordination of fiscal and monetary policies, aiming for long-term debt sustainability in accordance with President Bola Tinubu's Renewed Hope Agenda.
During the Board's meeting on Wednesday at the Presidential Villa in Abuja, the Vice President, who chairs the Board, urged members to develop a more strategic approach towards managing public debt, as conveyed by his spokesman, Stanley Nkwocha.
He emphasized that Nigeria should utilize public debt as a means to develop essential infrastructure and drive economic growth and alleviate poverty. "With careful management, debt can be turned into an asset that promotes economic growth and reduces poverty.
Our objective should be to create policies, regulations, and guidelines for the DMO to ensure our country's long-term debt sustainability," stated the VP.
Shettima highlighted that this strategy is in line with President Tinubu's Renewed Hope Agenda, which focuses on fiscal discipline, economic stability, and sustainable development. He underscored that prudent borrowing can act as a catalyst for economic advancement rather than a financial burden.
"As you are aware, public debt, when wisely used, becomes an asset for growth and poverty alleviation. Nonetheless, current economic conditions necessitate stronger coordination between our fiscal and monetary policies," he noted.
The Vice President recognized President Tinubu for his economic reforms and acknowledged the President's relentless commitment to transforming the Nigerian economy.
He also commended the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, along with the DMO leadership, for their dedication in managing the nation's sovereign debt portfolio effectively.
"I wish to recognize our leader, President Bola Ahmed Tinubu, GCFR, for his unwavering efforts in reforming our economy. I commend the Honourable Minister of Finance, the Coordinating Minister of the Economy, and the DMO Management for their tireless work in managing our sovereign debt portfolio daily," he remarked.
The Vice President pointed to Nigeria's recent achievement in global finance with the issuance of a $2.2 billion double-tranche Eurobond, which he referred to as evidence of investor confidence in the nation.
"I would also like to take this opportunity to congratulate them and other members of the Nigerian delegation for their success in the recent $2.2 billion double-tranche Eurobond issuance. The over-subscription rate for the bonds reflects a strong demand for our country's sovereign instruments in the global capital market."
Other members of the Board include the Minister of Finance and Coordinating Minister for the Economy as Vice Chairman; Attorney General of the Federation and Minister of Justice, Lateef Fagbemi; Special Adviser to the President on Economic Matters, Dr. Tope Fasua; Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso; Accountant-General of the Federation (OAGF), Dr. Oluwatoyin Sakirat Madein, and the Director-General of the Debt Management Office, Patience Oniha, serving as Secretary.
