The Governor of the Central Bank of Nigeria , Mr. Olayemi Cardoso, Monday, urged close collaboration between the apex bank, the Federal Ministry of Finance and the Debt Management Office in developing effective Annual Borrowing Plans.
His words, “The development of the ABP requires close collaboration among various stakeholders, including the Ministry of Finance, the Central Bank, and debt management agencies. ” It requires a comprehensive approach involving a well-coordinated institutional framework for public debt management and a stable macroeconomic environment.STRIKE: Consider workers' plight, take action to implement living wage, CAN tells FGThe CBN called for constant declaration of the nation’s ABPs and debt portfolios as part of deliberate efforts to making the sub-sector transparent.
“Additionally, the ABP facilitates proactive risk management by identifying potential vulnerabilities, such as refinancing risks or exposure to specific currencies or interest rate movements, allowing debt managers to take preemptive measures to mitigate these risks.” “This trend,” he said, “is mirrored in our sub-region, where debt managers grapple with unique challenges, including volatile commodity prices, elevated debt levels, limited fiscal space, fluctuating exchange rates, and rising borrowing costs.