Enugu State to Set Up Debt Management Office for Rapid Development

The Enugu State Government has announced it would soon establish a Debt Management Office (DMO) in the state to manage its internal and external debt more effectively for speedy development.

According to reports, the announcement came at the heels of Tuesday’s submission of report on a bill making provision for the establishment of the office by a joint committee on Finance and Appropriation, Public Accounts, Anti-Corruption, Judiciary, Public Petitions, Ethics and Privileges of the Enugu State House of Assembly.

Presenting the report on the bill on behalf of the Joint Committee, its Chairman, Hon Chuks Eneh representing Udi South, explained that a public hearing was conducted on the bill before it arrived the floor of the House stressing that when passed into law, the DMO would help the state monitor its debt portfolios and ascertain modalities of paying back its debts as well as the management of its assets and liabilities, stocks and securities.

The bill has passed first and second readings and was at present waiting its third reading and the passage into law.