Debt Management Strategy to expire 2019 – DMO

The Debt Management Office (DMO) has revealed that its current Debt Management Strategy will expire in December 2019.

Reacting to a news publication (not by Nigerian Tribune) on Wednesday claiming that it was working on a debt management strategy for the country, DMO in a statement signed by Chineye Onu said the Debt Management Strategy was approved by the Federal Executive Council in June 2013 and has an expiry date of December 2019.

“The document is available on https://www.dmo.gov.ng/publications/other-publications/debt-management-strategy.”, it added.

DMO described the publication by the newspaper as “absolutely false and the claim that they obtained a confirmation from the Director-General of the Debt Management Office to the effect that the DMO was “working on it” is also very wrong.”

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Onu explained that the enquiry from the reporter “was on the DMO’s Strategic Plan (an institutional plan) and not the Public Debt Management Strategy. This action amounts to deception and manipulation of information.

“In the event that the writer of the misleading report is not conversant with the difference between the Debt Management Strategy and the DMO’s Strategic Plan, he should note that the Strategic Plan is a statement of the institution’s Goals and Objectives as well as, the activities that will enable their achievements.

“It covers issues such as Human Resources, Technology, and Market Development amongst others.
This contrasts very sharply with the Public Debt Management Strategy which is entirely about the strategies for managing the public debt to ensure that borrowing is prudent and the public debt is sustainable.”

DMO then advised the public to disregard the publication and be assured that Nigeria has a duly approved subsisting Debt Strategy which runs till December 2019.

“Furthermore, the public should be assured that the Strategy is being implemented in full. Preparation of a new Strategic Plan that will deliver a new, robust and all-encompassing strategy is at the final stage.

“A robust Strategic Plan became necessary due to developments in the macro-economy, the Economic Recovery and Growth Plan and the need to come up with creative ways to fund the Government in the face of lower Revenues.

“Thus, a new Strategic Plan for the DMO had to be prepared in a holistic manner to incorporate these developments and expectations.

“The old pattern of preparing the Strategic Plan would have been grossly inadequate”, Onu added.