{"id":16475,"date":"2017-08-14T12:09:08","date_gmt":"2017-08-14T11:09:08","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=16475"},"modified":"2017-08-14T12:16:53","modified_gmt":"2017-08-14T11:16:53","slug":"dmo-new-boss-seeks-media-support-explains-focus-loan-repayment-utilisation","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/dmo-new-boss-seeks-media-support-explains-focus-loan-repayment-utilisation\/","title":{"rendered":"DMO new boss seek’s media support, explains focus on loan repayment, utilisation"},"content":{"rendered":"

The Director General of the Debt Management Office (DMO), Ms. Patience Oniha, at the weekend in Lagos s solicited the support of the media in informing Nigerians on the management of the country\u2019s debt stock and government\u2019s drive towards infrastructural development.<\/p>\n

Speaking during a meeting with Editors in Lagos, Oniha, said DMO will continue to be in the forefront of openness and engagement with the media so that Nigerians will be better informed.<\/p>\n

The DMO boss said her leadership, \u201cwill focus on loan repayment and loan utilisation to ensure proper implementation of Nigeria\u2019s budget\u2019\u2019.<\/p>\n

She told the editors that the agency intends to clear debt repayment plans as well as bridge the gap between revenue and expenditure occasioned by drop in global price of crude.<\/p>\n

\u201cFor many years, the government had operated a deficit budget aimed at stimulating economic growth, because the revenue was less than expenditure.<\/p>\n

\u201cDMO will support the government to bridge the gap between revenue and expenditure,\u2019\u2019 Oniha said.<\/p>\n

On why the federal government has continued to raise capital from the market, she explained that the focus on capital projects was a deliberate strategy to turn around the economy and boost infrastructural development.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cThat is why government\u2019s focus is on borrowing. We need to upscale things so as to achieve goals of government.\u201d<\/p>\n

\u201cAs most of you know, the treasury bill notice is in the public domain. Treasury bills are issued for a tenor of 364 days\u2019 maximum and the discount rate is about 18% to government. When you compare that to the rate of six to seven percent in the international market you realize straight away that there is a huge savings of 11 to 12 percent which is what we are trying to take advantage of.<\/p>\n

\u201cIt is not a new borrowing so it is not going to increase our debt stock. It is simply converting some of our naira debts to US dollars at a longer tenor and at a lower cost.<\/p>\n

\u201cRemember the point that I made of the benefits of doing that is longer tenor and cheaper rate. By the time that borrowing in U.S dollars is due for repayment, several of the initiatives and policies of government would have materialized so you are not looking at repaying in one or two years. The naira is either stronger at exchange rate or at best remain at the level we have now.\u201d<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The Director General of the Debt Management Office (DMO), Ms. Patience Oniha, at the weekend in Lagos s solicited the support of the media in informing Nigerians on the management of the country\u2019s debt stock and government\u2019s drive towards infrastructural development. Speaking during a meeting with Editors in Lagos, Oniha, said DMO will continue to …<\/p>\n","protected":false},"author":6,"featured_media":16213,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[812,2525],"coauthors":[2391],"class_list":["post-16475","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-dmo","tag-ms-patience-oniha"],"yoast_head":"\nDMO new boss seek's media support, explains focus on loan repayment, utilisation - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/dmo-new-boss-seeks-media-support-explains-focus-loan-repayment-utilisation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DMO new boss seek's media support, explains focus on loan repayment, utilisation - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Director General of the Debt Management Office (DMO), Ms. Patience Oniha, at the weekend in Lagos s solicited the support of the media in informing Nigerians on the management of the country\u2019s debt stock and government\u2019s drive towards infrastructural development. 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