DMO Releases Borrowing Guidelines for FG, States, FCT, Others via thisdaylive
Debt Management Office yesterday released the 2020 Revised External and Domestic Borrowing Guidelines for the federal and state governments, the Federal Capital Territory as well as their agencies.
DMO explained in the introductory note of the guidelines published on its website that given the new developments in the fiscal operations of government over the years, especially in the area of public debt management, it became imperative to review and update the 2012 edition of the Borrowing Guidelines.
The Federal Ministry of Finance, Budget and National Planning is also required to collate requests for funding and conduct appraisal of projects to be financed with the borrowing to ascertain conformity with ‘National Priorities, Cost-Benefit Analysis, showing the economic and social benefits of the intended borrowing.
The ministry is also to obtain Resolution for External Borrowing from the National Assembly just as the minister is mandated to provide guarantee on behalf of any government in the federation for external borrowing after approval by the parliament.
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