Debt Management Office Automation Improved Lagos’ Financial Ratings – HoS –
The automation of the Lagos State Debt Management Office further aided the agency’s financial transaction processes and placed the state in a positive light among other states in Nigeria.
This was revealed by the head of the Lagos State service, Mr. Hakeem Muri-Okunola, during his opening speech at the second edition of the Debt Management Office retreat on the Theme: âSupporting Lagos State Debt Beyond the Global Pandemicâ, held at the Sheraton Hotel, Ikeja Lagos.
Represented by the Permanent Secretary of the Civil Service Bureau, Mr. Samson Ajibade, the HoS said public administrators should keep abreast of international best practices while taking full advantage of the latest technology in the performance of their duties.
He reiterated Governor Babajide Sanwo-Olu’s commitment to reposition and equip the Lagos State civil service to face global challenges.
The Head of Department also expressed his unwavering belief in the competence and ability of the management and staff of the Debt Management Office, not only to carry out its mandate, but to do so convincingly, effectively and efficiently. timely.
He commended the management and officers of the agency for their professionalism and clear commitment to fulfill the very sensitive mandate in the difficult process of governance and financial management in Lagos State.
In his opening remarks, Finance Commissioner Dr Rabiu Olowo, who was represented by Accountant General Dr Abiodun Muritala, reiterated the resilience of Lagos State in the face of the global COVID-19 pandemic and to the EndSARS demonstration which inflicted considerable damage. damage to infrastructure and lives.
He assured that, as was the case with previous bonds, the new bond that is about to be issued will further ensure that Lagosians enjoy the benefits of democracy and fulfill Governor Sanwo-Olu’s THEMES agenda. .
In his welcome speech, the Permanent Secretary of the Debt Management Office, Mr. Olujimi Ige, highlighted the achievements of the office, noting that the N100 billion bond issued in January 2020 was listed at the start of this year. year on the FMDQ stock exchange, NG Exchange.
This, he noted, also gave greater visibility to the state, ensured transparency and increased the confidence of duty bearers.
He said it also improved government ratings and alerted investors to the value of our bond issuance program.
He added that the rating agencies – Fitch, GCR and AUGUSTO had assigned the status A + and B + respectively.
The permanent secretary revealed that the state is in the process of securing another bond in the series totaling N185 billion, which is expected to fund various projects and replace the recalled bonds at a lower coupon rate.
The retreat was honored by eminent figures from both the public and private sectors, including members of the State House of Assembly: namely, the Hon. Saka Solaja, Chairman, Chamber of Public Accounts Committee; Hon. Yishawu Gbolahan, Chairman of the House Committee on Economic Planning and Budget; Hon. Rotimi Olowo, chairman of the House finance committee; Permanent Secretary, Ministry of Economic Planning and Budget; the General State Accountant / Permanent Secretary of the State Treasury Office, Dr Abiodun Muritala; and Director, Portfolio Management Department, Abuja Debt Management Office, as well as Stanbic IBTC Managing Director, Mr. Wole Adeniyi.