Debt Management Office (Nigeria)
| Agency overview | |
|---|---|
| Formed | 4 October 2000 |
| Jurisdiction | Federal Government of Nigeria |
| Headquarters |
|
Minister responsible | |
Agency executive |
|
Parent department | Ministry of Finance, Budget and National Planning |
| Website | dmo |
The Debt Management Office (DMO) is a government agency established on 4 October 2000 to centralise the management of Nigeria's public debt.[1] It was created in response to difficulties in Nigeria's debt portfolio, including high external and domestic debt, substantial debt service obligations, low external reserves, and weak institutional capacity for debt management.[1]
History
The DMO was established following recommendations from the Debt Management Department (DMD) of the International Monetary Fund (IMF) after an assessment of Nigeria's debt situation in 1999.[2][3] The DMD recommended the creation of a single agency responsible for all aspects of public debt management, including policy formulation, borrowing, servicing, and reporting.[3]
Initially an autonomous unit within the Presidency, the DMO was transferred to the Ministry of Finance in 2001 and became a full parastatal in 2003.[2] Its operations are guided by the Fiscal Responsibility Act 2007 and the DMO Establishment Act 2003.[4]
The DMO is headed by a Director-General, appointed by the President for a five-year term, renewable once.[5] Three Executive Directors oversee the operational departments: Market Development, Portfolio Management, and Policy Strategy and Risk Management. Four service departments support these functions: General Services, Internal Audit, Legal Services, and Public Affairs.[6] The DMO also operates six zonal offices to coordinate debt management at state and local government levels.[5]
Functions
The DMO advises the Federal Government on public debt management, raises funds through domestic and external sources, maintains a database of public debts, services outstanding obligations,[4] manages risks,[1] develops debt strategies, promotes the domestic debt market, and collaborates with stakeholders on debt-related issues.[4]
References
- 1 2 3 "Debt Management Office (Nigeria)". Devex. Retrieved 28 October 2023.
- 1 2 "About DMO". About DMO. 2 October 2023. Retrieved 28 October 2023.
- 1 2 "Guidelines for Public Debt Management". IMF. 21 March 2001. Retrieved 28 October 2023.
- 1 2 3 "Debt Management Office Establishment Act 2003". Retrieved 28 October 2023.
- 1 2 "President Buhari Appoints Patience Oniha as DG DMO – The Statehouse, Abuja". The Statehouse, Abuja. 30 June 2022. Archived from the original on 28 October 2023. Retrieved 28 October 2023.
- ↑ "Buhari Approves Reappointment of Patience Oniha as DG of DMO". Lawyard. 30 June 2022. Retrieved 28 October 2023.