Vice President Kashim Shettima has emphasized the importance of using public debt as a strategic tool for economic growth, poverty reduction, and the development of critical infrastructure in Nigeria. Shettima made this statement on Wednesday in Abuja while inaugurating the Supervisory Board of the Debt Management Office (DMO). The initiative is part of the Federal Government’s efforts to strengthen fiscal and monetary policy coordination and ensure long-term debt sustainability, in line with President Bola Tinubu’s Renewed Hope Agenda.
During his address at the maiden meeting of the Board, which took place at the State House, Shettima, who also serves as Chairman of the Board, urged members to adopt a more strategic approach to managing Nigeria’s public debt. He noted that with prudent management, public debt could be transformed into an asset that drives economic growth and poverty alleviation.
“As you all know, public debt, if prudently applied, becomes an asset for economic growth and poverty reduction,” Shettima said. “Our goal must be to formulate policies, regulations, and guidelines for the DMO, aimed at achieving long-term debt sustainability for our country.”
The Vice President’s remarks align with President Tinubu’s Renewed Hope Agenda, which prioritizes fiscal discipline, economic stability, and sustainable development. Shettima highlighted the importance of a well-coordinated fiscal and monetary policy framework to enable Nigeria to effectively leverage borrowing for growth.
He also commended President Tinubu for his dedication to reforming Nigeria’s economy, as well as the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, for their unwavering efforts in managing the nation’s sovereign debt portfolio.
The Vice President further highlighted Nigeria’s recent success in the global financial market, particularly the $2.2 billion double-tranche Eurobond issuance. He described the over-subscription of the bonds as a clear sign of investor confidence in Nigeria’s economy.
“I congratulate the leadership of the Ministry of Finance, the Coordinating Minister of the Economy, and the DMO management for their exceptional efforts in handling our sovereign debt portfolio,” Shettima stated.
The Supervisory Board, led by Shettima, includes several key members, including the Minister of Finance and Coordinating Minister of the Economy, Wale Edun (Vice Chairman); the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi; Special Adviser to the President on Economic Matters, Dr. Tope Fasua; Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso; Accountant-General of the Federation, Dr. Oluwatoyin Sakirat Madein; and Director-General of the DMO, Patience Oniha (Secretary).
