The Guardians of Democracy and Development Initiative Empowerment for Unemployed Youth Initiative, Public Service Accountability Watch have enjoined President Bola Ahmed Tinubu to adhere to the counsel on the debt management office (DMO) on the handling of the Nigeria’s debt profile.
Led by Prince Igwe Ude-umanta, the made up of twenty six other Civil Society Organisations (CSOs)applauded Dame Patience Oniha for bringing so many innovations and fiscal prudence to debt management in Nigeria with very impressive achievements that have even attracted the attention of the international community.
The group expressed concerns over Nigeria’s Debt Sustainability due to the increase in public debt-to-GDP to 37.1 percent in 2023 from 24.3 percent in September, 2022.
The group aligned themselves with DMO on the warning to the government that it is close to its self-imposed 40 percent debt ceiling, meaning that government has very little space to borrow, and should as a matter of caution avoid borrowing more.
“This indeed is a very patriotic move which only a selfless and courageous compatriot can undertake. It is very commendable and we urge the present administration to heed the professional and candid opinion of this prolific debt manager,” it noted.
“To this end, the Civil Society Coalition on the heels of direct feedback from the masses aligns with the recommendation for the widening of the revenue generation base and strengthening Public Private Partnership initiatives, where capital projects can be financed through PPP rather than borrowing to execute them.
” Luckily, this professional advise is in consonance with the focus of the President Bola Ahmed Tinubu’s administration who has began to dismantle the roadblocks to revenue generation and loss of same starting with subsidy removal and widening of the tax net as well as ending unjustifiable tax waivers to boost the economy.”
In a related development, the gathering of Civil Society leaders acknowledged the meritorious work done by the DMO under Dame Patience Oniha and congratulated her for bagging three international awards by the Europe, Middle East and Africa (EMEA) Finance Achievement Awards 2022 in London for fulfilling its debt obligation and putting into place best debt management strategies in the categories of; Best Sovereign Borrower; Best Sovereign Bond and Best Local Currency Bond, describing the awards as exceptional and highly commendable.
“We are proud to identify with DMO under the able leadership of Dame Patience Oniya in its tireless efforts to provide innovative solutions to meet the challenges of debt management in the ever-evolving economic climate.
“What EMEA Finance, which is renowned in the emerging markets has done highlight the excellent work DMO is doing in managing debt and optimizing financial resources across diverse markets.
” It is our hope that Dame Patience Oniha, a core professional will enjoy the goodwill Mr. Bola Ahmed Tinubu and continue with the good work she has already begun to salvage the mess of the previous administrations”, the statement added.
The CSOs concluded by calling on the DMO to continue to with the good work it has been doing that has earned it international recognition including fulfilling its debt obligations on time, the successful issuance of the Nigeria’s $4bn triple-tranche Eurobond in 2021 and its proficiency in the facilitation of the FGN ₦250bn SUKUK fund in 2021. Further more, the CSO called on the DMO to partner and engage with members of the civil society and the media for for a more inclusive administration
Speaking further during the Press briefing, Mallam Shuaibu Abdulkadir stressed the need for innovative approaches to tackle the challenges being faced by the nation particularly as the masses will be hit hard by certain policies/reforms of government.
He stated that citizens must be encouraged to innovate and be productive, while government Agencies such as the DMO must double efforts to serve as the link bridge of enlightening the citizens on current developments.
“We urge the DMO to continue to provide the necessary professional guidance to the country’s debt management. In carrying out its function, greater partnership with the Civil Society and media will be required so that all stakeholders can work together to steer the country out of any form of colossal debt challenge.
” In the nearest future, there should be a Civil Society Roundtable with the leadership of the DMO to carry the public along and provide the accurate narratives to the public and also explore innovative vistas of expanding the nation’s productivity frontiers.”
