We are Debt Management Agency With oversight mandate to prepare and implement strategies
The Adamawa State Debt Management Agency (DMA), started operation as a desk in then Special Projects and Programmes Unit (SPPU) in the year 2009. It later became a Department in 2010 under the Office of the Executive Governor. In 2011, the Adamawa State House of Assembly passed a law to establish Debt Management Agency as a legal entity under the Office of the Executive Governor just like the federal Debt Management Office (DMO) is under the Presidency. The rationale behind having DMA in the State was a directive by DMO through a designed Template for the establishment of State Debt Management Departments to enable for effective debt management at the sub-national level. DMA has the oversight mandate to prepare and implement strategies for the efficient management of the State debt portfolio at sustainable levels compatible with the State’s desired economic activities for growth and development, as well as to maintain a debt database. The State and Local Governments are also mandated by DMA Act to follow through it for advice before going to access any credit facilities for the State
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DMA Activities
As stipulated by DMA Act of 2011, the DMA activities which are also incorporated in its functions include among others:
Prepares and submits quarterly State domestic debt report to DMO. In doing that, it liaises with the office of the State Accountant General for debt data and contractors’ arrears as well as the State Pension Board for pension/gratuity/death benefits arrears. The report is subjected to the approval of State Ministry of Finance before forwarding to DMO
Advice the State government on the terms and conditions which monies, whether in the currency of Nigeria or in any other currency are to be Borrowed.
Prepares and implement strategy for the efficient management of the State’s external and domestic debt obligations at sustainable levels compatible with desired economic activities for growth and development.
Advice the State government on the re-structuring and re-financing of all debt obligations
Assess and verify compliance to existing laws and borrowing guidelines of each proposal for consent to obtain a loan submitted by State’s MDAs or Local governments and recommend same for approval of the Debt Management Committee.
Set guidelines for managing State government financial risk and currency exposure with respect to all loans.
Get to know
The Debt Management Committee (DMC)
Deputy Governor
Commissioner of Finance & Budget
Attorney-General of the State
commissioner for Local government
Chairman State Planning Commission
Accountant-General of the State
Adviser on Budget and Economic Planning