FRI, 14 OCT, 2022-theGBJournal| Nigeria’s Debt Management Office (DMO) Thursday assured local and international investors as well as creditors that Nigeria remains ‘’committed and will meet all its debt obligations.’’
The assurance follows recent report by an international news report attributing statements to the Minister of Finance Budget and National Planning, that Nigeria is planning to restructure its debt.
The World Bank President David Malpass, at a press conference on the sidelines of the IMF/World Bank annual meetings in Washington, U.S, dismissed the suggestion that Nigeria has approached the Bank to plead for debt restructuring as the news broke and the finance minister also recanted the story.
The DMO in a statement Thursday explained the country’s position further, saying that Nigeria’s debt management strategy has always highlighted the need to utilize appropriate debt management tools to streamline the cost and risk profile in the debt portfolio.
The DMO said, towards implementation of these strategies, Nigeria has typically availed itself of concessional loans, the spreading out of debt maturities to avoid bunching and, reprofiling of the debt maturities by refinancing short-term debt instruments.
‘’All of these, none of which constitute debt restructuring, are already being implemented,’’ DMO said.
The Debt Office added that the country is also looking forward to exploring other appropriate debt liability management options, such as bond-buy back and bond exchanges.
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