Nigeria Must Transform Debt Into Economic Asset, Shettima Says At DMO’s Supervisory Board Meeting
Vice President Kashim Shettima has declared that Nigeria must continue to use public debt as a vehicle for the development of critical infrastructure and a tool for economic growth and poverty reduction. He spoke on Wednesday in Abuja while inaugurating the Supervisory Board of the Debt Management Office (DMO) as part of efforts by the Federal Government to strengthen fiscal and monetary policy coordination and ensure long-term debt sustainability in line with President Bola Tinubu’s Renewed Hope Agenda. In his speech at the maiden meeting of the Board at the State House, the Vice President who doubles as Chairman of the Board charged the members to come up with a more strategic approach to public debt management. According to him: “With prudent management, debt can be transformed into an asset for economic growth and poverty reduction. Our goal must be to formulate policies, regulations, and guidelines for the DMO, with a view to achieving long-term debt sustainability for our country”. He explained that this approach aligns with the Renewed Hope Agenda of President Tinubu’s administration, which prioritises fiscal discipline, economic stability, and sustainable development. The Vice President stressed that borrowing, when applied prudently, could serve as a catalyst for economic growth rather than a financial liability. “As you all know, public debt, if prudently applied, becomes an asset for economic growth and poverty reduction. However, recent realities in our economy call for stronger coordination between our fiscal and monetary policies,” he said.
Admin | 2025-02-06 16:02:03