Group Commend DMO DG, Patience Oniha for Excellent Service to Nigeria

Group Commend DMO DG, Patience Oniha for Excellent Service to Nigeria

  • Civil society organizations have commended the Director General of the Debt Management Office, Patience Oniha.
  • The group under the aegis of the Guardians of Democracy lauded the DMO chief for her excellent work
  • They said her activities at the DMO have helped to reduce Nigeria's debt service burden in a short time

Guardians of Democracy and Development Initiative, Empowerment for Unemployed Youth Initiative, and Public Service Accountability Watch, alongside 26 other Civil Society Organisations (CSOs) striving for sustainable development and good governance, have described the current Director General of the Debt Management Office (DMO), Patience Oniha as a core professional with determination to effectively manage Nigeria's debt profile in a professional and manner.

The group's spokesman, Prince Igwe Ude-manta of the Coalition and Convener, Guardians of Democracy and Development Initiative, applauded 0niha for bringing so many innovations and fiscal prudence to debt management in Nigeria with awe-inspiring achievements that have attracted the attention of the international community.

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Patience Oniha, Debt Managment Office
Patience Oniha, DG of Debt Management Office Credit: DMO
Source: UGC

The group said:

"In its continued display of high professionalism and excellence, the Debt Management Office (DMO), under the capable leadership of Patience 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%in 2023 from 24.3% in September 2022.

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"To this end, the Civil Society Coalition, on the heels of direct feedback from the masses, aligns with the recommendation for widening the revenue generation base and strengthening Public Private Partnership initiatives, where capital projects can be financed through PPP rather than borrowing to execute them. Luckily, this professional advice aligns with the focus of President Bola Ahmed Tinubu's administration which has begun 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."

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This concern aligns with the prevailing circumstances of all experts and professionals in the Nigerian economy. DMO went further to warn the government that it is close to its self-imposed 40%debt ceiling, meaning that government has very little space to borrow and should avoid borrowing more as a matter of caution. Her action is a patriotic move that only a selfless and courageous compatriot can undertake. It is commendable, and we urge the present administration to heed this prolific debt manager's professional and candid opinion.

The CSOs called on the DMO to continue with the excellent work that has earned it international recognition, including fulfilling its debt obligations on time, the successful issuance of Nigeria's $4bn triple-tranche Eurobond in 2021 and its proficiency in the facilitation of the FGN ₦250bn SUKUK fund in 2021. Furthermore, the CSO called on the DMO to partner and engage with members of civil society and the media for a more inclusive administration

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Speaking further, Mallam Shuaibu Abdulkadir stressed the need for innovative approaches to tackle the challenges the nation faces, particularly as the masses will be hit hard by specific policies/reforms of government.

Nigeria’s public debt rises to N46.25 trillion, Lagos leads list of 10 most indebted states

Legit.ng reported that the Debt Management Office has revealed that Nigeria’s total public debt stock was N46.25 trillion as of the end of December 2022.

This is a 14.46% increase compared to N39.56 trillion (95.77 billion USD) recorded on December 31, 2021.

The DMO made this public in a statement issued on Thursday, March 30, 2023, published on its website.

Source: Legit.ng

Authors:
Pascal Oparada avatar

Pascal Oparada (Business editor) For over a decade, Pascal Oparada has reported on tech, energy, stocks, investment, and the economy. He has worked in many media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng