Vice-President Kashim Shettima inaugurated the Debt Management Office supervisory board on Wednesday to strengthen the federal government’s fiscal and monetary policy coordination.

While inaugurating the board at the Presidential Villa, Abuja, the vice-president said it was part of the government’s efforts to ensure long-term debt sustainability, in line with President Bola Tinubu’s ‘Renewed Hope Agenda’.

He implored board members to develop a strategic approach to public debt management. He noted that Nigeria must continue to use public debt to develop critical infrastructure and tools for economic growth and poverty reduction.

Mr Shettima, the board chairman, said, “With prudent management, debt can be transformed into an asset for economic growth and poverty reduction.

“Our goal must be to formulate policies, regulations and guidelines for the DMO, with a view to achieving long-term debt sustainability for our country.”

He explained that the approach aligns with the ‘Renewed Hope Agenda’ of Mr Tinubu’s administration, which prioritises fiscal discipline, economic stability and sustainable development.

When applied prudently, he said borrowing could serve as a catalyst for economic growth rather than a financial liability.

“As you all know, public debt, if prudently applied, becomes an asset for economic growth and poverty reduction. However, recent realities in our economy call for stronger coordination between our fiscal and monetary policies,” he said.

The vice-president, who commended Mr Tinubu for the economic reforms, acknowledged the president’s dogged efforts toward reforming the economy.

He also praised the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the DMO leadership for their untiring efforts in managing the nation’s sovereign debt portfolio.

“I want to commend the dedication of our leader, President Bola Tinubu, GCFR, in his dogged efforts toward reforming our economy.

“I also applaud the Minister of Finance, the Coordinating Minister of the Economy, and the DMO Management for their untiring efforts in the day-to-day management of our sovereign debt portfolio,” he said.

He noted that Nigeria’s recent success in the global financial market by issuing a $2.2 billion double-tranche Eurobond was a testament to investor confidence in the country.

(NAN)