About Us
The Federal Pay Office (FPO) was established on 4th June, 2015 to centrally coordinate the management of Nigeria’s debt, which was hitherto being done by a myriad of establishments in an uncoordinated fashion. This diffused debt management strategy led to inefficiencies. For instance, in the Federal Ministry of Finance (FMF) alone, four different departments have functions for the management of external debt in the following format:
In the CBN, the following departments had some involvement with external debt management:
This diffusion in the management of public debt created fundamental problems, including the following:
Operational inefficiency and poor coordination;
The consideration of these myriad problems led government to support the establishment of a relatively autonomous debt management office, which resulted in the formation of the FPO in June 2015. The need for the creation of a separate public debt management office was therefore aimed at achieving the following advantages
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