A civil society organisation, Guardians of Democracy and Development Initiative, Empowerment for Unemployed Youth Initiative, Public Service Accountability Watch and 26 others have described the director-general of the Debt Management Office (DMO) Dame Patience Oniha as a core professional determined to effectively manage Nigeria’s debt profile in pragmatic manner.
The coalition which claims to promote sustainable development and good governance at a press conference in Abuja yesterday, by the spokesperson, Prince Igwe Ude-Umanta, applauded Oniha for introducing innovations and fiscal prudence in debt management in Nigeria.
He said Oniha’s efforts have led to impressive achievements that have attracted the attention of the international community.
Ude-Umanta said, “In its continued display of high professionalism and excellence, the DMO under the capable leadership of Ms Patience Oniha released the 2022 Debt Sustainability Analysis Report 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 percent in 2023 from 24.3 percent in September 2022.”
He said Oniha’s concern aligned with those of experts and professionals in the Nigerian economy.
In the report, the DMO warned the federal government that it is close to its self-imposed 40 percent debt ceiling, meaning that the government has very little space to borrow and should as a matter of caution avoid borrowing more.
The CSOs mouthpiece said 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 coalition 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 (PPP) initiatives, where capital projects can be financed through PPP rather than borrowing to execute them.
“Luckily, this professional piece of advice is in consonance with the focus of the President Bola Ahmed Tinubu’s administration who 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.”
The CSOs leaders also congratulated Oniha for receiving Europe, Middle East and Africa (EMEA) Finance Achievement Awards 2022 in London for fulfilling its debt obligation and putting in place best debt management strategies in the categories of Best Sovereign Borrower, Best Sovereign Bond and Best Local Currency Bond, describing the awards as exceptional and highly commendable.
“We are proud to identify with DMO under the able leadership of Dame Patience Oniya in its tireless efforts to provide innovative solutions to meet the challenges of debt management in the ever-evolving economic climate. What EMEA Finance, which is renowned in the emerging markets has done, highlights the excellent work DMO is doing in managing debt and optimizing financial resources across diverse markets. It is our hope that Dame Patience Oniha, a core professional will enjoy the goodwill of Mr. Bola Ahmed Tinubu and continue with the good work she has already begun to salvage the mess of the previous administrations”, the statement added.
The CSOs concluded by calling on the DMO to continue to with the good work it has been doing that has earned it international recognition including fulfilling its debt obligations on time, the successful issuance of the Nigeria’s $4bn triple-tranche Eurobond in 2021 and its proficiency in the facilitation of the FGN N250bn SUKUK fund in 2021. Furthermore, the CSO called on the DMO to partner and engage with members of the civil society and the media for a more inclusive administration.
