DEBT MANAGEMENT BUREAU (ESTABLISHMENT ETC) ACT 2011
Act · Governance
Policy date: 2011-01-01
An Act establishes the Debt Management Office to oversee Nigeria's public debt. It targets federal and state governments, lenders, and financial authorities involved in borrowing. The objective is to ensure transparent and sustainable debt management.
DEBT MANAGEMENT BUREAU (ESTABLISHMENT ETC) ACT 2011
What Is This Policy?
An Act that establishes the Debt Management Office (DMO) of Nigeria as a statutory body responsible for the management of Nigeria's public debt portfolio.
Who Does It Target?
Federal and state governments as borrowers International and domestic lenders and bondholders The DMO and its staff Ministry of Finance and economic planning authorities
What Does It Aim to Achieve?
Ensure efficient and transparent management of Nigeria's public debt, minimise borrowing costs, maintain debt sustainability, and develop the domestic bond market.
Key Features
Centralised Debt Management: Consolidates responsibility for all government borrowing and debt servicing in a single professional agency. Domestic Bond Market: The DMO issues Federal Government of Nigeria (FGN) bonds to develop the domestic capital market and finance government deficits. Debt Sustainability Analysis: Conducts regular debt sustainability analyses to ensure borrowing remains within manageable limits. Advisory Role: Advises the Federal Government on borrowing strategy, external loans, and guarantee requests from states.
Current Status
Rollout Stage: Active - DMO is fully operational Coverage: Nationwide; coordinates federal and monitors state debt Beneficiaries: Nigerian taxpayers through responsible debt management; investors through FGN bonds Funding: Federal Government appropriations
How to Access
FGN bonds available to retail and institutional investors through the primary market States seeking FGN guarantees must obtain DMO approval Application method: Purchase FGN bonds through CBN primary dealers or stockbrokers. Access DMO reports at https://www.dmo.gov.ng
Important Terms
States cannot contract external loans without Federal Government approval FGN bonds are backed by the full faith and credit of the Federal Government DMO publishes quarterly public debt reports
Impact & Metrics
Nigeria's public debt managed transparently with published quarterly reports; domestic bond market developed from inception through DMO's FGN bond issuance programme.
Official Resources
Website: https://www.dmo.gov.ng Contact: Debt Management Office (DMO) of Nigeria
Legal Framework
The Debt Management Office (Establishment) Act 2003 establishes the DMO as a statutory body. It operates under the Fiscal Responsibility Act 2007, the Finance (Control and Management) Act, and the 1999 Constitution (Section 21 of the Second Schedule — public debt on the Exclusive Legislative List). The DMO aligns with IMF public debt management guidelines, the World Bank Debt Management Performance Assessment (DeMPA) framework, and the OECD Government Debt Management principles.