From ISAAC ANUMIHE, Abuja
Debt Management Office (DMO) yesterday said it will release the debt profiles of all 36 state governments by the end of December 2012. Speaking when the Senate Committee on Local and Foreign Debts on oversight function paid him a visit, the Director General of DMO, Dr Abraham Nwankwo said having assisted all the states complete their Debt Data Reconstruction (DDR) as at September 2012, the Office is fully set to make public details of outstanding debts on a state by state basis. Nwankwo said the successful debt reconstruction exercise shows DMO’s total commitment to extending public debt management capabilities to the sub-national level in the country.
He told the Committee led by its chairman, Senator Ehigie Edobor Uzamere that this was further demonstrated in DMO’s continued assistance to the states in setting up functional Debt Management Departments (DMDs) through attachment programmes and regional workshops among others.
Aside from activities of the Primary Dealer-Market Maker System (PDMMs) in creating a vibrant secondary market in FGN Bonds, the Bonds inclusion in the widely used GBI-EM was an authoritative validation that government’s domestic borrowing has been executed in a manner that has enhanced the quality and strength of the domestic financial markets. Earlier, Senator Ehigie Edobor Uzamere, had noted that DMO has continued to perform “a very important, crucial and unique role” in the country, particularly in addressing economic and development challenges.
“The committee is happy that you are discharging your duties efficiently. I wish to ujse this opportunity to congratulate DMO’s management and staff for the inclusion of FGN Bond in Government Bonds Index by JP Morgan. It is a major breakthrough for Nigeria and it is your collective hardwork and resourcefulness. Do not rest on your oars”, he said.