The House of Representatives’ Committee on Aids, Loans and Debt
Management has advocated for more powers for the Debt Management Office (DMO),
Nigeria, saying the performance of the agency will increase, reports ITRealms.
Chairman, House Committee on Aid, Loans and Debt Management,
Honourable Adeyinka Ajayi, gave this advocacy at a three-day retreat for them in
Imo State capital, Owerri at the weekend, stressing that the mandate of the DMO
should be strengthened to include monitoring the implementation of all projects
of government that is financed with borrowed funds.
The Chairman of the House Committee on Aid, Loans and Debt
Management, Honourable Adeyinka Ajayi, advocated for this position alongside
other members of the Committee at a three-day retreat for member of the committee
in Owerri, Imo State, over the weekend.
Ajayi, in his keynote address at the occasion, noted that it has
become imperative for the DMO to be empowered to monitor the implementation of
all projects financed with borrowed funds.
He pointed out that since it was the duty of the DMO to raise
funds to finance budget deficit, “the body should be saddled with the
responsibility of monitoring implementation”, noting that this would ensure
compliance, transparency and accountability.
The Committee also commended the DMO management for coming up
with the retreat, with the theme: Debt Sustainability and the Challenge of
Financing Economic Recovery, adding that the retreat was timely, coming at a
time the nation was facing some economic challenges.
Ajayi said the workshop is coming on the heels of concerns
expressed by some Nigerians over the rising debt profile of the nation,
acknowledging the prevailing economic challenges.
Further, Ajayi said, the committee will work with the Debt
Management Office to ensure effective implementation of the 2016 budget, even
as other members of the House Committee emphasised the need for the
diversification of the economy especially in the areas of Agriculture, Solid
Minerals and Manufacturing.
Earlier in his presentation, the Director-General of the Debt
Management Office Nigeria (DMO), Dr Abraham Nwankwo, had affirmed government’s
commitment to financing capital projects aimed at addressing Nigeria’s huge
infrastructural deficit and repositioning the economy.
The DMO boss who spoke against the backdrop of the agency’s role
in the implementation of the 2016 budget, said the nation’s long term debt
financing of sustainable economic recovery and growth is feasible given its abundant
ideal economic capacity.
Dr Nwankwo told members of the Committee that the administration
of President Muhammadu Buhari has taken a bold step to stimulate the economy by
making sure that the nation’s huge infrastructure gap was quickly closed through
efficient and effective application of all borrowed funds into capital
projects.
In a related development, Governor Rochas Okorocha of Imo State, has commended
the Debt Management Office, Nigeria under the leadership of Dr Abraham Nwankwo
for her forthrightness in managing the nation’s debt portfolios as assets for
national growth.
Governor Okorochas made this commendation when members of the
House of Representatives’ Committee of Aides, Loans and Debt Management; and
management of the Debt Management Office paid him a courtesy call at the
Government House, Owerri.
Pix: Hon. Ajayi
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