By Emma Ujah, Abuja Bureau Chief and Charles Kumolu
The federal government has said that it would constantly watch over the nation’s debt sustainability indices, while borrowing to finance the budget deficit. The Acting President, Yemi Osinbajo, said this at the National Round-table on Inflation and unveiling of the book “ Inflation & Structure of Aggregate Output,” by the out-going Director-General of the Debt Management Office (DMO), Dr. Abraham Nwankwo, in Abuja, Thursday night.
Represented by the Special Adviser on Economic Matters, Dr. Adeyemi Dipeolu, the Ag. President said that the present administration was paying close attention to the implications of borrowing and would continue to maintain a sustainable approach.
The 2017 federal government budget of N7,441 trillion signed into law by Acting President, Prof. Yemi Osinbajo, on June 12, 2017 has a revenue projection of N5.08 trillion, thus leaving a fiscal deficit of N2.36 trillion to be financed largely by borrowing. The nation’s debt stock which stood at about N2.03 trillion at the end of June 2015, about a month after President Buhari was inaugurated, had risen to about N19.159 trillion, as at March 31,this year.
Meanwhile, the Acting President, has appointed Mrs. Patience Oniha as the new Director General of Debt Management Office DMO.
Minister of Finance Mrs. Kemi Adeosun announced the appointment yesterday in Abuja
Oniha, from Edo State, took over from the former Director General, Dr. Abraham Nwankwo who retired yesterday after serving for two terms.
The handover formalities took place in a brief ceremony at the office of DMO. She retired as a director of the agency and served in the Efficiency Unit of the Ministry of Finance before her recent appointment as DMO Chief Executive. The new Director General was part of the success story the Office achieved in the past 10 years. During that period, DMO scored a number of firsts in its operational efforts to manage the country’s debt profile.