Inaugurates debt management office supervisory board
Vice President Kashim Shettima has emphasised the importance of transforming Nigeria’s public debt into an asset for economic growth, infrastructure development, and poverty reduction.
The Vice President made this statement while inaugurating the Supervisory Board of the Debt Management Office (DMO) at the Presidential Villa on Wednesday.
The inauguration marks a significant step in the Federal Government’s ongoing efforts to strengthen fiscal and monetary policy coordination and ensure long-term debt sustainability, in line with President Bola Tinubu’s Renewed Hope Agenda.
Shettima, who also serves as Chairman of the newly inaugurated Board, urged its members to devise more strategic approaches to public debt management.
Shettima highlighted the critical role of debt in supporting national development.
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He stressed that Nigeria must continue to use public debt as a tool for advancing key infrastructure projects and stimulating economic growth.
“With prudent management, debt can be transformed into an asset for economic growth and poverty reduction,” he stated.
“Our goal must be to formulate policies, regulations, and guidelines for the DMO, to achieve sustainability for our country.”
This approach, according to Shettima, aligns with President Tinubu’s commitment to fiscal discipline, economic stability, and sustainable development.
He stressed that when borrowing is carefully managed, it can serve as a catalyst for growth, rather than a financial burden.
“As you all know, public debt, if prudently applied, becomes an asset for economic growth and poverty reduction. However, recent realities in our economy call for stronger coordination between our fiscal and monetary policies,” he added.
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The Vice President commended President Tinubu for his unwavering efforts in economic reforms, acknowledging the strides made in reshaping Nigeria’s economic landscape.
He also praised the leadership of the Ministry of Finance and Coordinating Minister of the Economy, as well as the DMO, for their continuous commitment to managing Nigeria’s sovereign debt portfolio.
“I want to commend the dedication of our leader, President Bola Ahmed Tinubu, GCFR, in his dogged efforts towards reforming our economy,” Shettima said.
“I applaud the Honourable Minister of Finance Coordinating Minister of the Economy, and the DMO Management, for their untiring efforts in the day-to-day management of our sovereign debt portfolio.”
Shettima also celebrated Nigeria’s recent achievement in the global financial markets, specifically the successful issuance of a $2.2 billion double-tranche Eurobond.
The over-subscription of the bonds, he noted, demonstrated the strong investor confidence in Nigeria’s financial outlook.
“I also use this opportunity to congratulate them and other members of the Nigerian delegation for a successful outing in the recent $2.2 billion double-tranche Eurobond issuance. The over-subscription rate of the bonds showed an impressive appetite for our country’s sovereign instruments in the global capital market,” he said.
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The Supervisory Board includes notable figures such as Wale Edun, Minister of Finance and Coordinating Minister for the Economy, who serves as Vice Chairman; Attorney General of the Federation and Minister of Justice, Lateef Fagbemi.
Others are Special Adviser to the President on Economic Matters, DrTope Fasua; Governor of the Central Bank of Nigeria, Olayemi Cardoso; Accountant-General of the Federation, DrOluwatoyin Sakirat Madein; and Director-General of the DMO, Patience Oniha, who serves as Secretary.
