President Muhammadu Buhari
The Federal Executive Council (FEC) at its meeting on Wednesday approved a new Medium-Term Debt Management Strategy for Nigeria, for the period of 2020 to 2023.
The strategy allows the government to borrow more from domestic sources.
The Debt Management Office disclosed this in a press release titled “Federal Executive Council approves a new debt management strategy for Nigeria’.
Part of the statement said, “Based on the current public debt stock, government’s borrowing needs in the medium-term (as stated in the 2021 Appropriation Act, MTEF, 2021-2023), as well as future global trends, Nigeria’s 2020-2023 MTDS can be summarised as follows:
Daily Post Nigeria
Published
Good morning! Here is today’s summary from Nigerian Newspapers:
1. Following President Muhammadu Buhari’s request to the Nigerian Senate seeking confirmation of the newly appointed ex-Service Chiefs, Senate on Wednesday commenced the process and have advised Nigerians to wait for their resolution.
2. The police in Ogun State, yesterday reacted to a viral video claiming that Fulani herdsmen had invaded Professor Wole Soyinka’s house in Abeokuta, the Ogun State capital. But the police said a young Fulani man, Awalu Muhammad, whose cow had got missing entered Soyinka’s vicinity in search of the animal.
3. The Federal Government will today resume its meeting with the Senior Staff Association of Nigerian Universities and the Non-Academic Staff Union of Universities and Allied Institutions in Abuja on how to end its ongoing strike.
By Ndubuisi Francis
The Federal Executive Council (FEC) has approved a new Medium-Term Debt Management Strategy for Nigeria (MTDS) for the period 2020-2023.
With the approval, announced during Wednesday’s virtual FEC meeting, the DMO which is saddled with managing the nation’s debt matters, has promised full implementation to support economic development while ensuring that public debt is sustainable.
The MTDS is a policy document which provides a guide to the borrowing activities of the government in the medium-term, usually four years.
It is recognised as one of the best practices in public debt management and is recommended by the World Bank and International Monetary Fund (IMF) to ensure that public debt management is driven by a well-articulated strategy that is structured to meet a country’s broader macroeconomic and public debt management objectives.