Reps seek powers for DMO to monitor debt-financed projects
Mon May 16, 2016 12:45:pm National
2.1K By sosa hills
Against the background of sterner monitoring regime of implementation of all government projects financed with borrowed funds, adopted by the current administration, the House of Representatives has advocated the strengthening of the nation's Debt Management Office (DMO) by giving it more statutory powers.
The lower parliament has argued that since it was the duty of the DMO to raise funds to finance budget deficit, "the body should also be saddled with the responsibility of monitoring implementation", noting that this would ensure compliance, transparency and accountability.
The Reps' Committee on Aids, Loans and Debt Management pushed this position at a three-day retreat for members of the committee in Owerri, the Imo State capital, over the weekend.
The Chairman of the Reps' Committee on Aid, Loans and Debt Management, Honourable Adeyinka Ajayi, in his keynote address at the retreat organised by the Debt Management Office, Nigeria, noted that it has become imperative for the DMO to be empowered to monitor the implementation of all projects financed with borrowed funds.
He submitted that since it was the DMO's duty to raise funds to finance the nation's budget deficit, "the body should also be saddled with the responsibility of monitoring implementation."
The Committee praised the DMO management for coming up with the retreat, themed: "Debt Sustainability and the Challenge of Financing Economic Recovery," saying the retreat was timely, coming at a time the nation was facing some economic challenges.
According to Hon. Ajayi, the workshop is coming on the heels of concerns expressed by some Nigerians over the rising debt profile of the nation.
While acknowledging the prevailing economic challenges, the House Committee Chairman said the committee will work with the Debt Management Office to ensure effective implementation of the 2016 budget.
Other members of the House Committee on Aid, Loans and Debt Management stressed the need for diversification of the economy especially in the areas of Agriculture, Solid Minerals and Manufacturing.
Earlier in his presentation, the Director-General of the Debt Management Office Nigeria DMO, Dr. Abraham Nwankwo, had restated government's commitment to financing capital projects aimed at addressing Nigeria's huge infrastructural deficit and repositioning the economy.
The DMO boss, who spoke against the backdrop of the agency's role in the implementation of the 2016 budget, said the nation's long term debt financing of sustainable economic recovery and growth is feasible given its abundant ideal economic capacity.
Dr. Nwankwo told members of the Committee that the administration of President Muhammadu Buhari has taken a bold step to stimulate the economy by making sure that the nation's huge infrastructure gap was quickly closed through efficient and effective application of all borrowed funds into capital projects.
Meanwhile, Governor Rochas Okorocha of Imo State has commended the Debt Management Office under the leadership of Dr Abraham Nwankwo for her forthrightness in managing the nation's debt portfolios as assets for national growth.
Governor Okorocha made this commendation when members of the House of Representatives' Committee of Aids, Loans and Debt Management paid him a courtesy call at the Government House, Owerri.
The lower parliament has argued that since it was the duty of the DMO to raise funds to finance budget deficit, "the body should also be saddled with the responsibility of monitoring implementation", noting that this would ensure compliance, transparency and accountability.
The Reps' Committee on Aids, Loans and Debt Management pushed this position at a three-day retreat for members of the committee in Owerri, the Imo State capital, over the weekend.
The Chairman of the Reps' Committee on Aid, Loans and Debt Management, Honourable Adeyinka Ajayi, in his keynote address at the retreat organised by the Debt Management Office, Nigeria, noted that it has become imperative for the DMO to be empowered to monitor the implementation of all projects financed with borrowed funds.
He submitted that since it was the DMO's duty to raise funds to finance the nation's budget deficit, "the body should also be saddled with the responsibility of monitoring implementation."
The Committee praised the DMO management for coming up with the retreat, themed: "Debt Sustainability and the Challenge of Financing Economic Recovery," saying the retreat was timely, coming at a time the nation was facing some economic challenges.
According to Hon. Ajayi, the workshop is coming on the heels of concerns expressed by some Nigerians over the rising debt profile of the nation.
While acknowledging the prevailing economic challenges, the House Committee Chairman said the committee will work with the Debt Management Office to ensure effective implementation of the 2016 budget.
Other members of the House Committee on Aid, Loans and Debt Management stressed the need for diversification of the economy especially in the areas of Agriculture, Solid Minerals and Manufacturing.
Earlier in his presentation, the Director-General of the Debt Management Office Nigeria DMO, Dr. Abraham Nwankwo, had restated government's commitment to financing capital projects aimed at addressing Nigeria's huge infrastructural deficit and repositioning the economy.
The DMO boss, who spoke against the backdrop of the agency's role in the implementation of the 2016 budget, said the nation's long term debt financing of sustainable economic recovery and growth is feasible given its abundant ideal economic capacity.
Dr. Nwankwo told members of the Committee that the administration of President Muhammadu Buhari has taken a bold step to stimulate the economy by making sure that the nation's huge infrastructure gap was quickly closed through efficient and effective application of all borrowed funds into capital projects.
Meanwhile, Governor Rochas Okorocha of Imo State has commended the Debt Management Office under the leadership of Dr Abraham Nwankwo for her forthrightness in managing the nation's debt portfolios as assets for national growth.
Governor Okorocha made this commendation when members of the House of Representatives' Committee of Aids, Loans and Debt Management paid him a courtesy call at the Government House, Owerri.
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