DMO to Facilitate Establishment of Debt Offices in 36 States
- By Simeon Ogoegbulem
- Published August 16th, 2010
- News
- Unrated
THE Debt Management Office (DMO) has pledged its readiness to facilitate the establishment of debt management offices in the 36 states of the federation. Dr. Abraham Nwankwo, director general of DMO, gave the pledge in Abuja while opening an attachment training programme for sub-national debt managers, aimed at entrenching effective public debt management principles and practices at the sub-national levels.
Nwankwo noted that effective sub-national debt management has the potential of transforming a state’s economy and ultimately lead to rapid national development. He deplored the continued high turnover of staff at the State Debt Management Departments (DMDs), stressing that the practice is a inimical to the development of the DMDs as it was not supportive of the acquisition and transfer of debt management skills to debt managers.
He implored the states to expedite action on the enabling legislations to strengthen the capacity of the established DMDs to effectively execute their mandates and contribute substantially to state planning and developmental efforts. He noted that the training programme which the DMO had initiated two years ago has been restructured in order to ensure effective and efficient debt management at the sub-national level. The one-week special attachment programme on sub-national debt management also had the objective of exposing all participants to an overview of international best practices in sub-national debt management. Twenty-one DMD officials from six states, namely Anambra, Bauchi, Bayelsa, Edo, Kogi and Nassarawa States participated in the programme delivered wholly by DMO officials.
The attachment programme curriculum developed by the DMO covered legal aspects of public debt management, debt data recording and reporting, debt settlement procedures, the sub-national bond market, portfolio review, risk management and monitoring for compliance with debt management principles, objectives and targets. Also covered were the overview of the front, middle and back office configuration for best practice debt management, as well as the developing of institutions for sub-national debt management in Nigeria.
To effectively communicate their position on sub-national debt matters, the participating DMDs constituted a working team for the production and presentation of their communiqué at the end of the programme. Represented by Mr. Steve Omorodion, head of the Edo State DMD, the participating states advocated for the intensification by the DMO of its advocacy initiatives at the National Council of States and the National Economic Council, to promote rapid development of DMDs.
They also requested the assistance of the DMO and the DMO Board to impress upon state governors the need to give priority to debt management issues in their respective states and also called for further assistance by the DMO to bolster the debt recording and reporting capacity of State DMDs.
Nwankwo noted that effective sub-national debt management has the potential of transforming a state’s economy and ultimately lead to rapid national development. He deplored the continued high turnover of staff at the State Debt Management Departments (DMDs), stressing that the practice is a inimical to the development of the DMDs as it was not supportive of the acquisition and transfer of debt management skills to debt managers.
He implored the states to expedite action on the enabling legislations to strengthen the capacity of the established DMDs to effectively execute their mandates and contribute substantially to state planning and developmental efforts. He noted that the training programme which the DMO had initiated two years ago has been restructured in order to ensure effective and efficient debt management at the sub-national level. The one-week special attachment programme on sub-national debt management also had the objective of exposing all participants to an overview of international best practices in sub-national debt management. Twenty-one DMD officials from six states, namely Anambra, Bauchi, Bayelsa, Edo, Kogi and Nassarawa States participated in the programme delivered wholly by DMO officials.
The attachment programme curriculum developed by the DMO covered legal aspects of public debt management, debt data recording and reporting, debt settlement procedures, the sub-national bond market, portfolio review, risk management and monitoring for compliance with debt management principles, objectives and targets. Also covered were the overview of the front, middle and back office configuration for best practice debt management, as well as the developing of institutions for sub-national debt management in Nigeria.
To effectively communicate their position on sub-national debt matters, the participating DMDs constituted a working team for the production and presentation of their communiqué at the end of the programme. Represented by Mr. Steve Omorodion, head of the Edo State DMD, the participating states advocated for the intensification by the DMO of its advocacy initiatives at the National Council of States and the National Economic Council, to promote rapid development of DMDs.
They also requested the assistance of the DMO and the DMO Board to impress upon state governors the need to give priority to debt management issues in their respective states and also called for further assistance by the DMO to bolster the debt recording and reporting capacity of State DMDs.
