House of Representatives Committee on Aids, Loans and Debt Management is seeking more powers for the Debt Management Office, DMO.
The House committee said the mandate of the DMO should be strengthened to include monitoring the implementation of all government projects that is financed with borrowed funds.
The Committee Chairman, Adeyinka Ajayi, stated this at a three-day retreat for members of the committee in Owerri, the Imo State capital, at the weekend.
Ajayi, in his keynote address, said: “The body should be saddled with the responsibility of monitoring and implementation of funds”, noting that this would ensure compliance, transparency and accountability.
The committee said the retreat, whose theme was: ‘Debt Sustainability and the Challenge of Financing Economic Recovery’, was timely, coming at a time that the nation is facing some economic challenges.
Ajayi said the workshop is coming on the heels of concerns expressed by some Nigerians over the rising debt profile of the nation. While acknowledging the prevailing economic challenges, the chairman said the committee will work with the Debt Management Office to ensure effective implementation of the 2016 budget.
Director-General of the DMO, Dr. Abraham Nwankwo, restated government’s commitment to finance capital projects aimed at addressing Nigeria’s huge infrastructural deficit and repositioning the economy.
The DMO boss, who spoke against the backdrop of the agency’s role in the implementation of the 2016 budget, said the nation’s long term debt financing of sustainable economic recovery and growth is feasible given its abundant ideal economic capacity.
Other members of the committee emphasised the need for the diversification of the economy, especially in the areas of agriculture, solid minerals and manufacturing.

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