Debt Management Office

Debt Management Office

The DMO was established on 4th October, 2000 to centrally coordinate the management of Nigeria’s debt, which was hitherto being done by a myriad of establishments in an uncoordinated fashion. This diffused debt management strategy led to inefficiencies. For instance, in the FMF alone, four different departments have functions for the management of external debt in the following format:

External Finance Department: responsible for all Paris Club debts and for the management of public debt statistics;

Multilateral Institutions Department: responsible for relationships with all multilateral institutions (excluding the African Development Bank and its subsidiaries such as ADF and the NTF, which is handled by the ABER Department). It is also responsible for managing and servicing multilateral debt; Africa and Bilateral Economic Relations (ABER) Department: responsible for liaising with the ADB and its subsidiaries, ECOWAS, and all non-Paris Club bilateral creditors;

Treasury Department (OAGF): responsible for issuing mandate to the CBN for payment of all external debts; and

Foreign Exchange and Trade Relations Department: responsible for issuing reconfirmation for payment externalization to the CBN and for documenting repayment and servicing of external debts.