Debt Management Department
This department was created in 2008 and is therefore a new one. It is charged with the following functions:

  • Maintain a reliable database of all loans taken or guaranteed by the state government
  • Prepare and submit to state government a forecast of loan service obiligation for each financial year
  • Prepare and implement a plan for the efficient management of the State's external and domestic debt obligations at sustainable levels compatible with destined economic activities for growth and development and participate in negotiations aimed at realizing those objectives
  • Verify and reconcile external debts service guaranteed or directly taken by the state government with the Federal Debt Management Office (DMO)
  • Verify and service domestic debts taken by local government and any of their agencies, where such debts are guaranteed by the state government
  • Advise the state government on the re-structuring and re-financing of all debts obligations;
  • Advise the Debt Management Committee (DMC) on the terms and conditions on which monies are to be borrowed
  • Submit to the state government, for consideration in the annual budget, a forecast of borrowing capacity in local and foreign currencies
  • Prepare a schedule of any other state government obligations such as contingent liabilities, both explicit and provide advice on policies and procedures for their management
  • Establish and maintain tripartite relationships between the state, IFO/donor agencies and the DMO
  • Collect, collate, disseminate information, data and forecast on debt management with the approval of the DMC
  • Carry out such other functions which may be delegated to it by the Commissioner or by an Act of the State Assembly
  • Perform such other functions that in the opinion of the department are required for the effective implementation of its function