The Debt Management Office (DMO) has initiated a process that will lead to the domestication of guidelines for legal framework on debt management operations across sub-national level of government. Director- General, DMO, Mrs. Patience Oniha, confirmed the task of migrating debt guidelines and fiscal policy laws across the 36 states and the Federal Capital Territory on Wednesday in Abuja.
The occasion was the virtual presentation of guidelines of legal framework for state’s debt management operations, which had all commissioner of finance participating virtually. Commenting on the importance of the scheme in relation to prudent management of resources at the state level, Oniha said: “Today’s event has been arranged as one of the activities towards the achievement of the Disbursement-Linked Indicator (DLI) 7 on which centers on strengthened public debt management and fiscal responsibility framework.
DLI, she explained, required states to have robust state-level legislations, which incorporate, amongst others, responsibilities for contracting state debt, for recording and reporting State debt, as well as, fiscal and debt rules and/or limits for States. “By way of information, the DMO had several years ago entered into partnership with state governments and Federal Capital Territory on a number of debt management initiatives including capacity building, debt data capturing and legislations.