World Bank experts have visited Abuja in order to work with relevant Federal Capital Territory Administration (FCTA) officials on strengthening the framework for debt management in the Administration.
Permanent Secretary, Federal Capital Territory Administration (FCTA), Mr. Chinyeaka Ohaa, expressed appreciation for the series of assistance that the country has received from the Bank. He stated this while welcoming the team to nation’s capital city.
According to him, the World Bank has helped Nigerian government to forestall debt unsustainability in the aftermath of the exit from the Paris and London Clubs debt burden in 2005 and 2006, respectively.
He, however, conveyed the preparedness of the FCT Administration to leverage the revised World Bank Sub-national Debt Management Performance Assessment tool (DeMPA).
Ohaa also noted that the FCT Administration has been able to key into the outcome of the Debt Management Office (DMO’s) five- year strategic plan which was designed in 2007 to help the 36 state governments and the FCT to develop debt management institutions and capabilities.
“It was against this backdrop that the Debt Management Office (DMO) in collaboration with the FCTA, conducted a debt data reconstruction exercise from the 19th – 30th November, 2012. This was in furtherance of the DMO’s strategic objectives of building capacity for effective debt management and the establishment of the FCT-Debt Management Unit.”
Similarly, he appreciated the World Bank for its support, cooperation and guidance towards achieving the mandate of building a befitting FCT that would be the pride of Nigerians both at home and in the Diaspora, as well as the entire black race.
Responding, leader of the World Bank Assessment Team, Mr. Jaime Garron Bozo, said they were in Abuja to provide technical assistance to enable the FCTA assess debt management functions and operations using the DeMPA tools.