Abuja: The Debt Management Office (DMO) announced its World Bank-assisted workshop aimed at educating subnational entities in Northern Nigeria on appropriate borrowing practices. This initiative seeks to align the borrowing habits of these states with the Federal Government’s standards.
According to News Agency of Nigeria, the Director-General of the DMO, Patience Oniha, highlighted the significance of the workshop during its commencement in Abuja. The event, organized under the States Action on Business Enabling Reforms (SABER), was attended by top policymakers. Oniha emphasized the necessity for multiple layers of approvals in borrowing, explaining that debt management involves numerous stakeholders and necessitates a robust understanding of the process.
Oniha further elaborated on the workshop’s objective to strengthen collaboration among state officials and equip them with the essential skills and knowledge for smooth borrowing processes. By fostering an understanding of these procedures, the states will be better prepared to raise funds for development projects. She also highlighted the importance of transparency and documentation in borrowing to ensure sustainability and prevent adverse consequences such as debt restructuring and downgrading by international agencies.
The Acting Head of Service for the Federal Capital Territory (FCT), Mrs. Nancy Nathan, described the workshop as a crucial convergence of opportunity and responsibility. She stressed the importance of equipping states and the FCT with the necessary tools to navigate the complex borrowing landscape, which is vital for their development.
Nathan noted that the workshop aims to simplify the borrowing process and enhance policymakers’ ability to make informed financial decisions. This empowerment is expected to improve the states’ capacity to meet their financial needs effectively.