The Director-General of the Debt Management Office (DMO), Patience Oniha, has described borrowing as an important part of the budget implementation.
She said this last Thursday when the debt office organized a meeting with market stakeholders in Lagos, which was attended by the Securities and Exchange Commission (SEC).
According to the DG, debt is a very topical issue in the country hence, the need to regularly meet with critical stakeholders to address some grey areas and be on the same page for the growth of the nation’s economy.
Ms Oniha said government borrows to finance the budget to finance specific projects as well as refinance maturing debts obligations among others.
“Borrowing enables the success of the implementation of the budget. We borrow to finance projects like the ongoing rail projects among other projects,” she said.
The DMO chief, therefore, commended critical stakeholders for their roles in helping the federal government develop the market.
Speaking at the gathering, the Director-General of SEC, Mr Lamido Yuguda, said the agency was committed to sound and proper regulation that would engender growth and development in the capital market.
He assured stakeholders that the current management of the SEC was working to refocus the commission to efficiently carry out its regulatory responsibilities.
“You will see a more focused SEC in terms of the regulator readiness, in terms of what the regulator should do to ensure good conduct and development of the market in all its ramifications.
“We are committed to working together with all to develop an agenda that will strengthen the Nigerian capital market and prepare it to assume the very important role of financing the massive infrastructure deficit that our country today has,” he added.