From Juliana Taiwo-Obalonye, Abuja
Vice President, Kashim Shettima, has emphasised the need for Nigeria to strategically leverage its public debt as a driver for economic growth
According to a statement issued by his media aide, Stanley Nkwocha, the Vice President gave the charge during the inauguration of the Supervisory Board of the Debt Management Office (DMO) at the Presidential Villa, Abuja on Wednesday.
Speaking as Chairman of the Board, Shettima stated, “With prudent management, debt can be transformed into an asset for economic growth and poverty reduction. Our goal must be to formulate policies, regulations, and guidelines for the DMO, with a view to achieving long-term debt sustainability for our country.”
The inauguration aligns with the presidential agenda, which prioritises fiscal discipline and sustainable development. Shettima commended Tinubu’s economic reforms and urged stronger coordination between fiscal and monetary policies to address current economic challenges. “Public debt, if prudently applied, becomes an asset for economic growth rather than a liability,” he added.
The Vice President also highlighted Nigeria’s recent success in the global financial market with the issuance of a $2.2 billion double-tranche Eurobond. He described the oversubscription of the bond as evidence of investor confidence in Nigeria’s economy. “This impressive appetite for our sovereign instruments underscores global trust in our economic direction,” he remarked.
Shettima praised the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and DMO Director-General, Patience Oniha, for their leadership in managing Nigeria’s sovereign debt portfolio. He urged the newly inaugurated board members to adopt innovative strategies to ensure long-term debt sustainability.
As Nigeria faces significant economic challenges, Shettima reiterated that borrowing must be approached strategically to foster development. “Our mandate is clear: leverage public debt as a catalyst for critical infrastructure development while ensuring sustainability,” he concluded.
The DMO Supervisory Board comprises key government officials and experts, including Wale Edun (Vice Chairman), Attorney General Lateef Fagbemi, CBN Governor Olayemi Cardoso, Accountant-General Dr. Oluwatoyin Madein, Special Adviser on Economic Matters Dr. Tope Fasua, and DMO Director-General Patience Oniha (Secretary).