The Lagos State Government has reiterated its commitment to effective, transparent, and sustainable debt management to support the state’s long-term development objectives.
This pledge was made during a two-day Debt Management Strategic Retreat organised by the Lagos State Debt Management Office, in partnership with PricewaterhouseCoopers, held at the Radisson Hotel, Isaac John, GRA, Ikeja.
A Wednesday statement noted that the retreat was aimed at developing strategies for a more effective and efficient debt management framework for Lagos State, in line with the statutory mandate of the DMO as the state’s chief adviser on debt management.
The mandate of the office includes the sustainable management of the state’s debt portfolio, advising the government on borrowing decisions and risk exposure, ensuring compliance with relevant laws and guidelines, and promoting transparency, accountability, and best practices in public debt management.
Declaring the retreat open, the Permanent Secretary, DMO, Alake Sanusi, expressed appreciation for the continued collaboration between the office and PwC, particularly in the provision of technical expertise to support the execution of its mandate.
She noted that “the partnership aligns with global best practices in public sector finance and debt management” describing the programme as timely, given Lagos’ strategic position as a large sub-national economy in Africa.
“The state continues to shoulder increasing responsibilities in infrastructure development, social investment, climate resilience, and economic competitiveness.
“These responsibilities require a debt management framework that is prudent, transparent, resilient, and aligned with the state’s long-term development goals,” she said.
She emphasised the need to develop a comprehensive Debt Management Strategy and Policy Framework that clearly articulates long-term objectives, defines strategic choices, incorporates robust risk management practices, and strengthens institutional capacity to respond effectively to changing macroeconomic and financial market conditions.
In her closing remarks, the Permanent Secretary expressed confidence that the retreat would produce a strategic framework to guide the management of Lagos State’s debt in the years ahead.
She added that the retreat was also designed to strengthen collaboration and coordination among key stakeholders involved in the management of the state’s finances and debt.
Presentations at the retreat were delivered by experts in debt management strategy and sustainable finance, including the President of the Nigerian Economic Society, Dr. Baba Musa, as well as specialists from PricewaterhouseCoopers.
The two-day session was attended by representatives of key ministries, departments, and agencies involved in the management of the state’s finances.
