Nigerian Debt Management Office’s $48.8 Billion Debt Is Contravening The Law, Expert Says Cryptocurrencies and ICOs

Nigeria’s Debt Management Office (DMO) broke the law when its loans exceeded the limit, which is equivalent to $2.2 billion, said Adetilewa Adebajo, an expert on international financial markets. Below he also suggested that Central Bank of Nigeria Governor Godwin Emefiele should be investigated for his role in allowing DMO loans to skyrocket to more than $48.8 billion.

DMO accused of violating the Fiscal Responsibility Law

According to Adetilewa Adebajo, an expert on international financial markets, Nigeria’s Debt Management Office (DMO) broke the law when its loans exceeded $2.2 billion (one trillion naira). in comments reportedly During an interview with Arise TV, Adebajo argued that the DMO can be sued for contravening both the Central Bank of Nigeria (CBN) Act and the Fiscal Responsibility Act.

Although the DMO is allowed to borrow nationwide without a mandate from the country’s National Assembly, the agency’s loans now exceeding $48.8 billion mean it has broken the law.

“The DMO does not have the mandate to go to the National Assembly before borrowing abroad, but Ways and Means give them the right. But it is not supposed to exceed N1 trillion. It is at N22 trillion ($48.8 billion), indicating that they have exceeded the limit. That is where illegality comes in,” Adebajo reportedly said.

Expert slates Nigeria’s planned securitization of its debt

Meanwhile, a different report He quotes Adebajo as saying Nigeria’s central bank governor Godwin Emefiele should be investigated for his role in allowing the OGD to exceed its borrowing limits. Regarding the Nigerian government’s plan to securitize its debt for 40 years, Adebajo insisted that this would be illegal.

“They want to send the securitization proposal to the media commission of the National Assembly, under what law? There is no law in Nigeria that states that you take forms and means of financing for the approval of the National Assembly,” the expert said.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively about the economic problems of some African countries and how digital currencies can provide an escape route for Africans.