13 states borrow N200bn through bonds

13 states borrow N200bn through bonds

| Print | E-mail

Written by Thursday, 04 November 2010

The Director-General, Debt Management Office (DMO), Dr Abraham Nwakwo, on Tuesday said 13 states borrowed N200 billion from the capital market through the issuance of bonds.
Nwakwo made this known in Lagos at an interactive session with the media on the activities of the DMO in the last two years.
He said that the beneficiary states, spread across the six geopolitical zones, had completed the Domestic Debt Reconstruction (DDR) exercise.
Nwakwo said that this had placed them in the vintage position of having a harmonised computerised total public debt data base indicating total debt obligations through available state resources.
He said that the goal of the DDR was to assist staff of the Debt Management Departments (DMD) in various states to identify, collate documents and computerise the state’s debt data in an appropriate format.
The director-general said that the successful conduct of the debt data reconstruction (DDR) would provide the state with access to necessary data for strategy formulation, planning and development.
He said that the report would enhance both the sub-national debt management and Federal Government’s plan and budgetary assignment.
Nwakwo said that the DMO had drafted a model sub-national fiscal responsibility law in collaboration with development partners for adoption by the states.