DMO to encourage sukuk bond in Nigeria

JULY 7, 2014 BY FEMI MAKINDE
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The Director-General, Debt Management Office, Dr. Abraham Nwankwo, has said that the office is working to introduce sukuk bond to all the states.

Osun State had last year raised N11.4bn sukuk, an Islamic bond, and the State Governor, Rauf Aregbesola, came under attack for this.

But according to a statement made available to our correspondent in Osogbo on Sunday by the media aide to the governor, Mr. Semiu Okanlawon, the director-general of the DMO has commended the governor for being a trailblazer in this regard.

The DMO director-general promised to encourage sukuk issuance in Nigeria.

The statement also quoted Nwankwo to have said that Osun debt profile was a sustainable one and was healthy for the economic growth of the state.

Nwankwo, according to the statement, spoke on the sideline of a three-day retreat for members of the House Committee on Aids, Loans and Debt Management.

Nwankwo said, “It is our plan to encourage the issuance of sukuk in Nigeria because we need to diversify the instrument in the bond market.

“We want to make sure that all segments of the society is captured in the bond market because there are some groups of people or individuals who do not want to participate in ordinary bond because of interest.

“Our office, DMO, and others are working hard to introduce sukuk in Nigeria. We are delighted that Osun took the initiative and helped in introducing it in Nigeria. So, Osun is one of the best states in public debt management.”

The opposition parties in Osun State had been claiming that Osun debt profile ranged between N350bn and N419bn.

But Nwankwo who did not give the figure on the actual debt explained that the state needed to be encouraged in term of the management of debt because it had not borrowed beyond its capacity.

According to the director-general, the nation’s debt GDP ratio has fallen from 22 per cent to 13 per cent.

He said, “Our debt is sustainable because the GDP is much lower now. However, in spite of that, government will continue to be very prudent, conservative in its spending.

“From my submission, I told the lawmakers that the GDP ratio is about 12 per cent and this includes both external and domestic debt for both the federal and state governments.”

He decried what he described as the poor attitude of Nigerians to paying tax.

He stated that many enterprises in the country’s small and medium scale businesses that should be in the tax bracket were not.

obiyaya: Una dey book space?

Someone should answer the question jare or provide a link to that regard

olubukato:



Na senator be this

obiyaya:

Chief!!!

The original senator went on exile.

This is just a doppelganger

olubukato: Ewuro1

Ewuro1:

She ko ję owo??

olubukato:

Chaiii...

obiyaya:

How are you doing sir?

olubukato:




Na you be this
E ku ojo meta o...

Ewuro1:


Thank you jare, how are you too? Awa niyen

..I dey do amebo for 'killz & ogugua matter in General section , you're invited

olubukato:

I am fine o. Wait o, wetin happen to obayaya na?
Abi dem don ban you

olubukato:

I am fine my sister.. I was there oo. The whole matter get as e be.

obiyaya:

They gimme ban chop o

olubukato:

Chaiiii.. A whole senator. America must know

obiyaya:

Na for on top that killz matter they gimme the ban o

obiyaya: Una dey book space?

Someone should answer the question jare or provide a link to that regard

olubukato:

Haaaaa
That na sensitive matter o. A woman is involved

Zionope:
You should probably search again, I got the figure online even before the DMO's intervention. The speaker of the state house of assembly, the state commissioner for finance, and others in the cabinet disclosed the figure not once, not twice.

obiyaya:

If seun na my brother eh, I for don dash am better slap. Always draw a line between business and pleasure.

Now he's letting whatever pleasure interfere with his business. Undermining his integrity of the site. And he doesn't even know one thing about public relation.

Just give an explanation, no matter how dumb. If you can't, say i'm sorry, it's a mistake, I let my emotions get the better part of me. People will understand the "messing up because of love" line and will cut you some slack. Afterall nobody is above mistake.

But instead, he goes around hiding threads and banning people. And he thinks people won't notice? I saw a post on facebook talking about this rubbish. People are already doubting his ability to manage the site.

The nigga just isn't wise. He forgot that a wounded lion is more dangerous. Sexkillz and ogugua are wounded. This _shit isn't going away anytime soon

obiyaya:

Please drop a link!!!

I mean official figures from DMO not commissioner of finance figures.

Commissioner's figure is as good as former chief of staff's figure.

olubukato:

Adonbilivit. The spirit of Mattew B is inside my senator. This is an epistle
Jokes apart, I get what you trying to say though, but wetin come concern my honorable senator for this matter?
Why dem ban you? You no be sexkillz na.

obiyaya:

Seun banned me because I asked him to come and answer for himself on that cheating rich husband and faithful poor husband thread.

He banned me for erailing and not cooperating with mods and admin

olubukato:

Chaiii
This one is strong o.

obiyaya: Una dey book space?

Someone should answer the question jare or provide a link to that regard

obiyaya:

Please drop a link!!!

I mean official figures from DMO not commissioner of finance figures.

Commissioner's figure is as good as former chief of staff's figure.

Gamji007:

Obayaya opens thread and ask question, Obiyaya is begging for answer. Guy, you funny ooooo!