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DMO Trains NDA Officer Cadets On Public Debt Management

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The Debt Management Officer (DMO) yesterday, held a one-day intensive training for officer cadets of the Department of Economics, Nigerian Defence Academy in Abuja.

The educational workshop on public debt management was organised to broaden their knowledge and expose them to practical aspects of their training in school.

“This would go a long way towards equipping them for the future as they graduate and serve Nigeria in various capacities,” director-general of the debt office, Ms Patience Oniha said in her remarks to mark the beginning of the training that took place at NDIC building in Abuja on Monday.

Associate Professor in the department of Economics at the NDA, Alexander Abraham Anfofum led the Officers Cadet on the education tour to the DMO. The DG told the students that DMO is one of the strategic agencies of the Federal Government of Nigeria. She observed that as the agency charged with managing Nigeria’s Public Debt, the DMO’s responsibilities include providing funds (as approved) to finance various activities of the Government whilst also ensuring that Public Debt is sustainable and ensuring economic diversification and job creation.

In his presentation, DMO’s director Policy, Strategy & Risk Management department, Joe Ugoala said the debt office revived the Nigerian Bond Market, through regular issuances of FGN securities since 2005. He pointed to the fact that the DMO extended the tenors of the existing short-term instruments (of less than 1 year), by introducing longer tenured instruments of up to 20 years, while establishing a Sovereign Yield Curve, as a reference for the other Issuers in the domestic capital market.

“The DMO would continue to discharge its Mandate as enshrined in its enabling Act, while engaging in other developmental activities in the market, which would contribute to repositioning the economy on the path of higher and sustainable growth,” Ugoala added.

He maintained that the strategic goals of DMO include helping to achieve government of execution of its economic and development plans and employ the Use of Off-balance Sheet products to support economic development.

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