The Debt management Office has initiated a process that will lead to the domestication of legal framework on debt management operations across sub national level of government.
The Director-General of DMO, Mrs. Patience Oniha, said on Wednesday in Abuja at the virtual presentation of guidelines of legal frame work for state’s debt management operations.
Oniha said it is important for states to ensure prudent management of their resources.
She said, “Today’s event has been arranged as one of the activities towards the achievement of the Disbursement-Linked Indicator 7 on which centers on strengthened public debt management and fiscal responsibility framework.”
“By way of information, the DMO had several years ago entered into partnership with state governments and Federal Capital Territory on a number of debt management initiatives including capacity building, debt data capturing and legislations.
“The States Fiscal Transparency, Accountability and Sustainability Program has upscaled these initiatives, improved the level of commitment, and, brought a sense of urgency to improve public debt management at the Sub-national level.
“From our records, twenty-three states have already enacted laws and fiscal frameworks in their respective states and by extension earned the SFTAS World Bank grant associated with this DLI 7.
“The DMO is committed to ensuring that the remaining thirteen States meet this requirements.”