The Lagos State Government has reassured Lagosians of a sustainable debt profile and judicious use of the N100 Billion Bond issuance recently signed by Governor Babajide Sanwo-Olu.
Speaking at a retreat organized by the Lagos State Debt Management Office with the theme: “Sustainable Debt Management Strategy for the T.H.E.M.E.S Agenda” held at Dovers Hotel Aromire Avenue, Ikeja, the Commissioner for Finance Dr. Rabiu Olowo disclosed that there is never a time than now that the state government needs a sustainable debt management in place which necessitated the return of the Debt Management Office to a full fledged autonomous Agency.
Dr Olowo added that administration of Mr Governor Babajide Sanwo-Olu at inception was faced with obvious challenges of finances, which made the execution of projects a daunting task.
Dr Olowo said the administration had to put in place some strategies to increase the state internally generated revenue while also looking at sustainability to know if the government can borrow more as well as the structure for debt managing at that time.
The Commissioner said in order to execute infrastructural project, both ongoing and new ones, it became necessary for the state government to seek for funds from individuals, institutions and the capital market.
He applauded the officials of the Debt management office for their diligence and dedication towards ensuring the success of the recently signed N100billion bond by the governor, he said the bond will to a large extent assist the government to execute key infrastructural projects that will impact on the general wellbeing of Lagosians while also propelling the state to the 21st century compliance.
Dr Olowo assured that the Lagos state government will continue to improve on the staff welfare of the Ministry of Finance and the DMO being an integral part of the Ministry which played a great role in advising the government on when to get loans, how to get a loan and the type of loan the government should borrow, He assured of continuous training and retraining of the staff to enable them achieve the is expectations of Government as well as be at par with their counterparts within and outside the country.
In his welcome address, the Permanent Secretary, Debt Management Office Mr Olujimi Ige explained that the retreat was organized in order brainstorm in an environment away from the daily activities of the office to set goals, come up with Vision and Mission, Core values, outline the Job responsibilities of each Directorate and set Key Performance Indicators KPIs.
He attributed the importance of the retreat to the need to put in perspective, the strategies necessary to promote a feasible debt profile for Lagos State and ensure that the Loans and Bonds obtained are judiciously expended through meaningful projects.
The Permanent Secretary said that as a proactive and responsible Agency, the retreat was organized it in order to come up with strategies that will ensure sustainable and feasible debt Management Agency for the State.
In his words “it is my belief that at the end of the retreat, we will have a plan in place, that will help enhance Government’s borrowing capacity, ensure realistic debt obligations, continuous relationships with local and international Financial Institutions, creditors and institutional investors in Government debts”.
Also speaking at the event the, Accountant General of Lagos State and Permanent Secretary State Treasury Office, Dr. Abiodun Muritala, commended the Permanent Secretary Debt management Office as well as the entire Staff of the Agency for a very well organized retreat.
He said Mr. Governor Babajide Sanwo-Olu has since assumption of office embarked on developmental activities across all sectors such as road construction across the State, reforms in the transportation sector, encourage water transportation through construction of Jetties, urban mass transit system, enhanced traffic management, construction and equipping new health facilities, good management of threat of epidemics, strategic protection of the environment, rehabilitation of schools, amongst others.
The Permanent Secretary also explained that Mr. Governor has taken steps with the T.H.E.M.E.S. Agenda to ensure that all ongoing projects are completed while new ones have already been initiated in line with his goal of up scaling the State’s infrastructure growth and embrace Public-Private Partnerships to drive infrastructural renewal.
Mr Ige said ” this retreat therefore is to align our collective responsibility to key into Mr. Governor’s vision of ensuring that Lagosians have the impact of good governance in the State”.
He congratulated Debt Management Office team for the success of the recent N100 billion Bond signed by Mr. Governor to evidence his passion and zeal to accelerate development in the State and to bring the State at par with 21st Century realities.
Also speaking at the event the, Accountant General/Permanent Secretary, State Treasury Office, Dr. Abiodun Muritala, commended the Permanent Secretary Debt of Management Office as well as the entire Staff of the Agency for a very well organized retreat.
He said his job as the Accountant General cannot be completed without the DMO, adding that the Ministry of Finance and all its agencies will ensure that the Bond is properly utilized.
