Tue. Dec 1st, 2020

Custodian of African News

Centre Commends DMO Over Prudent Management of Nation’s Debt Portfolios

A civil society organization, Save Nigeria Movement in collaboration with the Centre for Due Process, Ecotes University, Benin Republic has said the dexterity employed in the administration of the Debt Management Office (DMO) has given rise to improvement in the infrastructure development as well as boosted confidence in the Nigerian economy.

The duo in a statement signed by the executive director, Save Nigeria Movement, Dr. Richard Oduma explained that investigations it carried out following allegations of corruption leveled against the management of DMO rather revealed that a lot was being achieved in the country but for the prudent and proactive administration of the debt management office.

Contrary to insinuations in some quarters that Nigeria’s debt profile was growing at alarming rate, the statement stated that the concessionary agreements entered by the DMO for the debts which are project tied and at the lowest interest was in the best interest of the nation to address the infrastructural deficit of the nation adding that borrowing tied to infrastructural projects was the best universal practice.

The group explained that relying on internally generated revenue amidst the huge infrastructural deficit was not an option for any government that means well for its citizens noting that it would only be wrong if the borrowing was for consumption.

“Recall that following unsubstantiated allegations of corruption against the management of DMO, the Save Nigeria Movement engaged the due process unit of Ecotes University, Benin Republic to investigate the allegations against the agency with a view to ascertain the veracity of the charges.

“However, findings of our independent investigations were on the contrary, it was discovered that all allegations were merely speculative and unfounded. To this end, the technical committee recommended a presentation of an award on the DMO management for “Due Process Mechanism, Accountability and Transparency”.

According to the statement, the decision to award the organization was to validate its trust and confidence in her operations considering the critical role it plays in the economy of the country and to set the records straight.

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