Adequate system for sound public debt management has been identified as a key ingredient in the realization of the Economic Recovery and Growth Plan (ERGP) of the Federal Government.
This was contained in a report read by the Spokesperson, World Bank Sub-national Debt Management Performance Assessment (DeMPA) Mission, Signe Zeikate, at the Opening of a 5-day Debt Assessment tour of the State.
Zeikate said the ERGP was launched in the year 2017, to assist states reach the targeted seven percent real GDP growth by the year 2020, restore macroeconomic stability and undertake structural reforms in the debt management.
She highlighted the purpose of the Assessment to include, identification of the strengths and areas for improvement in the States’ debt management performance and also set a baseline for future reforms.
In his remark, the State Commissioner for Finance, Mr. Adewale Oshinowo, represented by the Permanent Secretary in the Ministry, Mrs. Funmilayo Dada, appreciated the team, saying, the Debt Management Strategy put in place by the State Government has continued to yield positive results, as evident in the team’s report.
Oshinowo assured the team of maximum co-operation by all concerned Ministries, Departments and Agencies, as they would be taking turns to acquire more skills on new technology relating to debt management.
The Permanent Secretary, Ministry of Budget and Planning, Mr. Hassan Adekunle, thanked the World Bank team for putting the State among the first 10 states to benefit from its technical assistance, in assessing its debt management functions and operations, using the World Bank’s Sub-national DeMPA tool.