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Commonwealth Meridian Deployed to Manage Public Debt Portfolio
Commonwealth Meridian Deployed to Manage Public Debt Portfolio
By: Michael Mike
A powerful software developed by the Commonwealth Secretariat is being deployed in Nigeria to transform how the country manages its public debt portfolio of US $114.35 billion while enhancing transparency.
A statement on Monday by the Commonwealth Secretariat, said at the request of the Government of Nigeria, the Commonwealth Secretariat hosted a two-week training workshop for 15 Nigerian debt managers at its headquarters in London this month.
The statement added that during the workshop, participants received hands-on training on getting their debt databases ready for seamless migration to the new software, known as Commonwealth Meridian, and learned essential skills for recording, analysing, and managing various types of debt using the advanced tool.
The Acting High Commissioner of Nigeria to the United Kingdom, Dr Cyprian Heen, according to the statement, opened the workshop on 5 February 2024 and described the software as a crucial tool for sound debt management practices in developing countries.
He highlighted the importance of monitoring debt liabilities to prevent escalating debt costs and risks, which hinder governments from spending on projects essential for sustainable development.
Heen said: “Meridian allows borrowers to record their debt accurately and comprehensively across the full range of debt management transactions and operations.
“In turn, this facilitates accurate and timely debt service payment to creditors while allowing governments to monitor their liabilities.”
Launched in 2019, Meridian replaces its predecessor, the Commonwealth Secretariat: Debt Recording and Management System (CS-DRMS), which has helped Nigeria manage its public debt since the 1990s.
The upgraded software gives managers access to real-time debt data to monitor liabilities and make informed decisions, while ensuring national financing needs are met in time and at an acceptable level of risk.
Speaking at the workshop, Senior Director of the Commonwealth Secretariat’s Economic, Youth and Sustainable Development Directorate, Dr Ruth Kattumuri, said Nigeria is the Commonwealth’s key partner in supporting Africa’s development.
She emphasised Nigeria’s catalytic role in driving growth and sustainable development across the continent, leveraging its abundant natural resources and human capital.
Kattumuri reiterated the Commonwealth’s full support for Nigeria’s development efforts, including through the deployment of essential tools, such as Meridian.
One of the training participants, Director of the Debt Recording and Settlement Department of Nigeria’s Debt Management Office, Maraizu Nwankwo,, welcomed the training initiative.
He said: “Meridian would help to address the challenges encountered by our debt officials in the use of CS-DRMS and support the Debt Management Office in meeting the increasing demand for public debt data in various forms by the stakeholders and users.”
The upgraded software is offered to Commonwealth countries as part of the Commonwealth’s debt management programme, which includes advocacy and policy advice on formulating debt management strategies.
Currently, the software is in use in 39 Commonwealth countries
Commonwealth Meridian Deployed to Manage Public Debt Portfolio
MAN OF THE YEAR Award By THISDAY Newspapers/ARISE Media Group
CELEBRATING PRESIDENT BOLA TINUBU
The President/Commander in Chief of the Armed Forces of the Federal Republic of Nigeria, His Excellency, Bola Tinubu, has been announced “MAN OF THE YEAR” by THISDAY Newspapers and ARISE News Board of Editors.
The prestigious recognition reaffirmed Mr. President’s exemplary leadership, visionary thinking, and unwavering commitment to transforming the country amid mounting economic and security challenges.
The awards organisers also noted that the President has marched on with courage and determination to change Nigeria for the better, and proven to be a leader who is driven more by convictions and taken decisions which are in the best interest of the nation.
To commemorate this milestone, THISDAY is unveiling a Special Edition on Monday, January 27, 2025, to afford the President’s
aides, friends, well-wishers, and associates the opportunity to share in the joy and pride that the award brings to Mr. President through placement of Congratulatory/Goodwill messages to honour the awardee among other award recipients.
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MAN OF THE YEAR Award By THISDAY Newspapers/ARISE Media Group
Nigeria Commiserates with Türkiye Over Devastating Fire Incident
By: Michael Mike
Nigerian government has commiserated with the government and people of Türkiye over the fire incident at the Grand Kartal Hotel in the Kartalkaya Ski Resort that resulted in the death of 66 persons injured over 50 others.
The condolence message was contained in a statement signed by the acting spokesperson of the federal ministry of foreign affairs, Kimiebi Ebienfa.
The statement read: “The Federal Republic of Nigeria wishes to express deep condolence to the Government and People of the Republic of Turkiye over the unfortunate fire incident at the Grand Kartal Hotel in the Kartalkaya Ski Resort.
“The fire, which claimed the lives of 66 persons and injured over 50 others in Bolu Province in Northwestern Turkiye, was reported to have started in the early hours of Tuesday 21st January 2025.
“The Federal Government of Nigeria sympathizes with the Government of the Republic of Turkiye and the families of the victims of the fire incident, and also wishes a speedy recovery of the injured.”
Nigeria Commiserates with Türkiye Over Devastating Fire Incident
Yobe’s Commitment To Agric. Development very Impressive -Islamic Development Bank
By: Mamman Mohammed
The Islamic Development Bank has expressed satisfaction with the preparedness of Yobe state government to partner the bank for an agricultural project.
Mr. Javed khan, Senior Agriculture Specialist of the Bank stated this at a courtesy call on Governor Mai Mala Buni CON, at the Government House, Damaturu.
Khan said the commitment of Yobe state government to meeting its obligations is quite impressive and encouraging.
Khan who led a team from the bank on assessment tour of the state to see for itself the documents developed and the preparations on ground for the project, said the team was convinced with government’s committment to the project.
“We were initially discouraged not to come to Yobe state citing insecurity but, we insisted on coming and are impressed with the peace and security, and the government’s commitment to the project.
“We are working towards a target in the next three months for the state to obtain approval from the bank for the project.
“The working synergy between our team and your team suggests that we will achieve our target within the stipulated time frame” Khan said.
Responding, Governor Buni commended the Bank for not listening to the enemies of progress of the state.
“l am glad you did not listen to them, some of whom have never been anywhere close to Yobe state but giving stories about what they don’t know.
“You are now here and you have seen things for yourselves and can tell the story better. We are ready for this partnership using agriculture to drive the economy of our state and the people.
“All the 17 local government areas in the state are now accessible and the people can access their farms and make this proposed project successful” Buni said.
The Governor explained the importance of agriculture to the people, adding “this project would guarantee food security and economic prosperity in our post insurgency recovery programme.
“The resilience exhibited by our people in embracing agriculture being their major preoccupation to rebuild their lives after the protracted insecurity is very encouraging and need to be supported” he said.
The Governor re-ephasized the readiness of his administration to partner the bank to make agricultural development in the state a huge success story.
Yobe’s Commitment To Agric. Development very Impressive -Islamic Development Bank
MAN OF THE YEAR Award By THISDAY Newspapers/ARISE Media Group
Ogidigben $20 billion Gas Project: Nigeria Receives Investment Commitment from Chinese Firm
Nigeria Commiserates with Türkiye Over Devastating Fire Incident
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