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We’re operating approved debt management strategy — DMO

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By Emma Ujah, Abuja Bureau Chief

Abuja—The Debt Management Office, DMO, has said that it was operating a approved Debt Management Strategy.

It said in a statement, yesterday that the report by a newspaper (not Vanguard) to the effect that it was running an unapproved Debt Management Strategy was false.

DMO in the statement by Mrs. Chinenye Onu urged the public to disregard the report.

It said:  “Contrary to the publication, Nigeria has a duly approved Debt Management Strategy.

“The Debt Management Strategy was approved by the Federal Executive Council in June 2013 and has an expiry date of December 2019.

“The publication is absolutely false and the claim that they (medium) 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.

“The enquiry from the newspaper 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 activities that will enable their achievements.

“It covers issues such as human resources, technology, and market development, among 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.

“The public is advised 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.”




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