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From Romanus Ugwu, Abuja
Civil Society Organisation (CSO), under the umbrella of Guardians of Democracy and Development Initiative, Empowerment for Unemployed Youth Initiative, Public Service Accountability Watch, has showered encomiums on Director General of Debt Management Office (DMO), Dame Patience Oniha.
The NGO described her as hallmark of professionalism in debt management and excellent leadership determined to effectively manage Nigeria’s debt profile in a pragmatic manner.
Speaking at a press conference in Abuja, the Spokesperson, Prince Igwe Ude-umanta, applauded the queen of debt management in Nigeria for bringing so many innovations and fiscal prudence to debt management in Nigeria with very impressive achievements that have attracted the attention of the international community.
According to Igwe; “in its continued display of high professionalism and excellence, the DMO under the capable leadership of Oniha released the 2022 Debt Sustainability Analysis Report (2022) a few days ago. In the report, the DMO raised concerns about Nigeria’s Debt Sustainability due to the increase in public debt-to-GDP to 37.1 per cent in 2023 from 24.3 per cent in September, 2022.
“This concern aligns with the prevailing concerns of all experts and professional in the Nigerian Economy. DMO went further to warn the government that it is close to its self-imposed 40 per cent debt ceiling, meaning that government has very little space to borrow, and should as a matter of caution avoid borrowing more.
“This indeed is a very patriotic move which only a selfless and courageous compatriot can undertake. It is very commendable and we urge the present administration to heed the professional and candid opinion of this prolific debt manager.
“To this end, the CSO on the heels of direct feedback from the masses aligns with the recommendation for the widening of the revenue generation base and strengthening Public Private Partnership initiatives (PPP), where capital projects can be financed through PPP rather than borrowing to execute them.
“Luckily, this professional advise is in consonance with the focus of the President Bola Ahmed Tinubu-led administration who has began to dismantle the roadblocks to revenue generation and loss of same starting with subsidy removal and widening of the tax net as well as ending unjustifiable tax waivers to boost the economy,” the CSO noted.
