Stories by Stanley Onyekwere
The World Bank is assisting the Federal Capital Territory Administration to strengthen the framework for debt management in the Administration.
Our correspondent reports that a team of experts from the World Bank are currently on assessment tour, are working with relevant officials of the FCTA on bolstering strategic plan designed to forestall debt unsustainability.
Welcoming Assessment team to Abuja, the FCTA Permanent Secretary, Mr. Chinyeaka Ohaa, expressed appreciation for the series of assistance that the country has received from the Bank.
The Permanent Secretary conveyed the preparedness of the FCT Administration to leverage the revised World Bank Subnational Debt Management Performance Assessment tool (DeMPA).
Ohaa also noted that the FCT Administration has been able to key into the outcome of the Debt Management Office (DMO’s) 5 year strategic plan which was designed in 2007 to help the 36 State governments and the FCT to develop debt management institutions and capabilities.
He said the FCTA, following advice from the World Bank’s Debt Management Office, also set up a Debt Management Unit made up of 10 staff, drawn from a cross section of key departments to assist with debt management policies.
“It was against this backdrop that the Debt Management Office (DMO) in collaboration with the FCTA, conducted a debt data reconstruction exercise from the 19th – 30th November, 2012.
“This was in furtherance of the DMO’s strategic objectives of building capacity for effective debt management and the establishment of the FCT-Debt Management Unit,” Ohaa was quoted in a statement signed by Chief Press Secretary, FCTA, Cosmas Uzodinma.
The Administration also appreciated the World Bank for its support, cooperation and guidance towards achieving the mandate of building a befitting FCT that would be the pride of Nigerians both at home and in the diaspora, as well as the entire black race.
Responding, leader of the World Bank Assessment Team, Mr. Jaime Garron Bozo, said they were in Abuja to provide technical assistance to enable the FCTA assess debt management functions and operations using the DeMPA tools.
It would be recalled that the World Bank in collaboration with its international partners in 2007/2008, developed a program, to assist developing countries to improve debt management by strengthening capacity and institutions. The anticipated benefit is that governments would be able to manage debts in an effective and sustainable manner in both the medium to long term bases.
The methodology was further revised and updated in 2015 to reflect the changing global environment, taking into account the lessons learned in the first five years of its implementation.
The training is aimed at highlighting strengths and weaknesses in government debt management practices, as well as facilitating the design of plans to build and augment capacity and institutions tailored to specific needs of the country.