By Adeyinka Olatunji
The Lagos State Debt Management Office, DMO, has met with its major stakeholders to garner their support in actualizing the goals of the Office.
The Lagos State DMO was recently re-established by the State Government for the management of its internal and external debts and the conduct and implementation of any of its issuance programmes, for the purpose of financing its capital projects and commitments in line with the Lagos State DMO Law of 2009.
During the week, the DMO met with the State’s Bond Trustees and its lending bankers.
Addressing them, the Permanent Secretary DMO, Mrs Abimbola Umar noted that the meeting was one of the series of brainstorming sessions already slated for all critical stakeholders in the management of the State’s debts in order to chart a way forward and improve on existing working relationships. She outlined the ministerial mandate of the Office and functions of the various directorates in the Office and introduced the contact officers to them.
Umar said “The DMO can borrow on behalf of the Government, from any individual or institutional bodies, verify and service debts guaranteed or taken by the Government, advise and propose funding mechanism for infrastructural projects amongst several ministerial mandates of the Office.”
While seeking the cooperation of the Trustees in making the State Government’s financial reports meet international best practices by providing comprehensive information, Umar informed the trustees that Mr. Governor has assured the Trustees that Accretion Payments will be among the “first line charges” as it will be a monthly payment deducted from the Internal Generated Revenue (IGR) of the State.
The Bankers on their own part, promised to cooperate with the Office and expressed delight for the opportunity to deal directly with the DMO and resolve all lingering issues instead of going through various channels as was the usual practice before.
The Debt Management Office is an agency under the Lagos State Ministry of Finance and it is saddled with the responsibility of managing the State’s Debt.