Nigeria’s Vice President, Kashim Shettima, has emphasized the need for the country to transform its public debt into a strategic asset for economic growth and poverty reduction. Speaking at the inauguration of the Supervisory Board of the Debt Management Office (DMO) in Abuja, Shettima noted that Nigeria must continue to use public debt as a vehicle for developing critical infrastructure and driving economic growth.
The Vice President, who chairs the board, charged members to develop a more strategic approach to public debt management. He emphasized that with prudent management, debt can be transformed into an asset for economic growth and poverty reduction. Shettima explained that this approach aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritizes fiscal discipline, economic stability, and sustainable development.
Shettima commended President Tinubu’s efforts towards reforming the economy, acknowledging his doggedness in driving economic growth. He also praised the Minister of Finance and Coordinating Minister of the Economy, as well as the DMO leadership, for their untiring efforts in managing the nation’s sovereign debt portfolio.
The Vice President noted Nigeria’s recent success in the global financial market, with the issuance of a $2.2 billion double-tranche Eurobond. This, he said, demonstrates investor confidence in the country. Shettima congratulated the Nigerian delegation for their successful outing in the Eurobond issuance, highlighting the impressive appetite for Nigeria’s sovereign instruments in the global capital market.
The Supervisory Board of the DMO is part of the Federal Government’s efforts to strengthen fiscal and monetary policy coordination and ensure long-term debt sustainability. The board comprises the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, as vice chairman, and Director-General of the Debt Management Office, Patience Oniha, as secretary.
Other members of the board include the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi; Special Adviser to the President on Economic Matters, Dr. Tope Fasua; Central Bank of Nigeria (CBN) Governor Olayemi Cardoso; and Accountant-General of the Federation (OAGF), Dr. Oluwatoyin Sakirat Madein.
