Financial Literacy is an ability to understand financial choices with a focus towards enhancing sustainable economic well being. When people make informed financial decisions, they form an integral part of the economy, and in the process contribute directly to the growth and development of any society. Financial Literacy in Nigeria is very low, According to the Standard and Poor's Ratings Services Global Financial Literacy Survey of 2014, a meager 24% of adults in Sub-Saharan Africa are said to be financially literate. This can only explain the avalanche of loan seeking Governments that characterize the Nigeria setting. Our Governments, particularly at State level know how to seek loans without putting in place proper debt servicing mechanisms. Out of the thirty-six states of the Federation, twenty-seven of them had sought some form of financial intervention from the Federal Government to pay workers' salaries in 2015. Despite the release of these funds, a number of the states are still struggling with paying the salaries of their workers, simply because the bailout funds were diverted for other uses. Other States without salary issues keep seeking for other loans to leave for their successors to worry about. It is time we take bold steps to stem this tide, and what better way can we do this than through the Debt Management Office (DMO). Under the leadership of Dr. Abraham Nwankwo, the Office (DMO) has done well in managing the Nation's debt profile and the Agency must be applauded even though more needs to be done. The Director - General of the Agency in October 2015 stated that the Nation's debt profile was sustainable even if it stood at eleven billion dollars for external debts and eleven trillion Naira for domestic debts. Dr. Abraham believes that what matters isn't really the quantum of our debt profile but that the resources obtained were deployed to encourage economic growth but based on the actions of our past leaders, we know that this is not always the case as funds on past occassions have been diverted against the purpose for which they were obtained. How do we as a Nation address this issue? My take is that we empower the Debt Management Office in new ways.
Firstly, we need a legislation that gives the Agency unrestricted access to details on how borrowed money is spent by the State Governments. They ought to have the authority to monitor the application of funds that have been borrowed and upon the discovery of misapplied funds, the Agency should be given the legal backing to retrieve such funds.
Secondly, Another legislation should be made that compels State Governments to give quarterly reports on its debt profile to the Debt Management Office, so as to help the Office devise new strategies on managing not just the states' debt but that of the Nation as well.
These moves will save the Nation money, help in developing our economy and build an attitude of financial discipline in Government spending.
The importance of taking such steps cannot be overstated. This is especially true considering The reputation of some Nigerians who always seek to take advantage of any loophole to be corrupt. A legislation that is targeted at monitoring government spending would go a long way in boosting the image of the government both at home and abroad. We cannot keep having hardworking Nigerians suffer because of the financial recklessness of those in power. Nigeria must be great and it is our duty as patriotic citizens to suggest ways to make our Nation great and the ideas suggested in this write up is one way to control financial irresponsibility in Government circles.

Written by Aniekpeno I.