The Debt Management Office has debunked allegation that it could not account for the N2.2 trillion allocation to it in the 2018 appropriation Act, saying “the statement is not only false, but extremely misleading.”
The DMO had told the public accounts committee that the amount of N2.2 trillion was not available as the DMO’s total allocation since N2.1 trillion was specifically meant for servicing of Nigeria’s domestic and external debt. This explains why the debt service is expressly stated as a separate line item in the annual appropriation Acts, while the DMO’s expenditure is also stated separately.
“Indeed, the funds for Debt Service are never released to the DMO for spending, rather, in line with the mandate of the Office of the Accountant-General of the Federation , the funds are domiciled with the OAGF, who on the advice of the DMO, effects payments directly to the creditors as at when due.
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