Debt Management Office (DMO) of Nigeria Posts Profit
A positive news no matter how it came in the financial world of Federal Republic of Nigeria
The Debt Management Office of Nigeria (DMO) reported a surplus of N1.31 billion for the 2019 financial year. This represents a 144.1% increase in profit compared to N538.4 million recorded in the previous year. This is according to its recently published financial statement, released on its website.
The agency recorded growth in profit despite a 5.5% decline in its income recorded in the period under review. Specifically, it generated a sum of N3.88 billion as revenue in 2019 compared to N4.1 billion made in 2018.
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Escalating Debt in Nigeria
The Director-General of the Debt Management Office, DMO has noted that Nigeria's public debt stock stood at N35.465 trillion as of June 30 and there is a need to ramp up revenue.
“We should focus on revenue. The good thing about it is that the Minister of Finance, Budget and National Planning has started a programme aimed at growing the revenue profile. We must discipline ourselves to follow through to grow our revenue. If we continue to borrow and do nothing about growing our revenue base as other countries have done, we may have a debt sustainability challenge,” she said.
