DEBT MANAGEMENT OFFICE

The Gombe state DMO was established to centrally coordinate the management of the state’s debt. The office works closely with the Ministry of Finance and Economic Development and other Offices under the ministry to help ensure a viable and strong economy for the state. Basically, to achieve a level of autonomy and to ensure professionalism in line with international best practice, the Gombe state DMO was established as an Office under the state Ministry of Finance and Economic Development.

It is headed by a Director-General, who is a technocrat and professional in the areas of debt management.

FUNCTIONS OF THE DMO

The primary functions of the Gombe state Debt Management Office are:

  • Maintain a reliable database of all loans taken or guaranteed by the State Government or any of its agencies
  • Prepare and submit to the State Government, a forecast of loans service obligations for each financial year
  • Prepare and implement a plan for the efficient management of State’s external and domestic debt obligations at sustainable levels compatible with desired economic activities for growth and development and participate in negotiations aimed at realizing those objectives
  • Verify and reconcile external debts service guaranteed or directly taken by the State Government with Federal DMO
  • Verify and service domestic debt guaranteed or directly taken by the State Government, with the Accountant General
  • On an agency basis, service domestic debt taken by Local Government and any of their agencies, where such debt is guaranteed by the State Government
  • Advise the State Government on restructuring and re-financing of all debt obligations
  • Advice the DMC on the terms and conditions on which monies are to be borrowed
  • Submit to the State Government, for consideration in the annual budget, a forecast of borrowing capacity in local and foreign currencies
  • Prepare a schedule of any other State Government obligations such as contingent liability, both explicit and implicit, and provide advice on policies and procedures for their management
  • Established and maintain tripartite relationships between the State, International Financial Institutions (IFIs)/Donor Agencies and the Federal DMO
  • Collect, Collate, disseminate information, data and forecast on debt management
  • Carry out such other function, which may be delegated to it by the Commissioner or by an act of the State Assembly
  • Perform such other functions which in the opinion of the Department are required for the effective implementation of its functions.

DUTIES/SCHEDULES OF FRONT, MIDDLE AND BACK OFFICES

I) FRONT OFFICE/PORTFOLIO MANAGEMENT UNIT

  • Loan Negotiations
  • Security Issuance
  • Loans and other Financial Product
  • Risk and Asset Management
  • Government Guarantees

II) MIDDLE OFFICE/POLICY, STRATEGY AND RISK MANAGEMENT UNIT

  • Articulate State policy, Strategies and objectives of the public debt base on State Government Development Policy
  • Analyze risk and mitigating factors associated with existing and new State debt portfolio
  • Undertake research, documents and publish a periodic report on DMO operations
  • Monitor compliance with approved work plan and procedures of projects financed by loan proceeds
  • Obtain from the back office, disbursement/amortization schedules for all categories of loans and forward copy to appropriate benefitting agency
  • Undertake inspection visit on projects funded by loans and prepare a report on compliance on a project by project basis. In addition, a quarterly report detailing the progress of work on each project funded by the loan will be prepared by the middle office

III)      BACK OFFICE/DEBT RECORDING AND SETTLEMENT UNIT

  • Duly record internal and external debt, debt resulting from on-lent loans, grants and counterpart fund, contractors’ debt, and contingent liabilities of the State
  • On a quarterly basis, undertake debt data validations and reconciliation with Federal DMO
  • Promptly records new disbursements
  • Records and update service payments
  • Prepare on an annual basis, budget for debt service payments and their due dates for the approval of the Commissioner
  • At the beginning of each year send a copy of the projected debt service payment schedules to the Accountant General of the State
  • At least, one month prior, advise the Accountant General on the due dates for the debt service payment
  • Obtain demand note/bills from creditors
  • Process and pass the Demand Notes to the AG to issue payment mandate to effect payment
  • Received Payment Advice from the AG, reconcile actual and the projected dates and amounts paid, and update the records accordingly
  • On a regular basis, undertake debt service data reconciliation with the AG
  • On a regular basis, track and monitor the service of the counterpart funds

POLICIES AND REPORTS

Gombe State 2021 Approved Budget

While delivering his paper tittle “Overview of the Gombe State 2021 Budget” the Permanent Secretary, Budget, Planning and development Partner Coordination Office; Jalo Ibrahim Ali, stated that there are steps and milestones to reach in the preparation of annual budgets among which are: – Preparation of the State Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) Document.
Submission of Medium-Term Expenditure Framework and Fiscal Strategy Paper MTEF/FSP to the State Executive Council (EXCO) for Review and Approval.
Issuance of Fiscal Year (FY) 2021 Budget Call Circular.
Submission of Budget Proposals to Budget Office by Ministries, Departments and Agencies (MDAs).
Bilateral Budget Discussions with MDAs.
Stakeholder Consultation (Civil Society Organizations, other stakeholders).
Consolidation of MDA’s Proposals.
Submission of Draft 2021 BudgetGombe State 2021 Approved Budget »

Gombe State Development Plan 2020

Gombe state has evolved over the years on all counts. The State is blessed with a relatively young population, presenting a great prospect for development. Admittedly, some successes have been made on social development, while infrastructure is continually being improved on through substantial public sector investment. Nevertheless, since the creation of the State, there has not been any attempt to articulate a long-term economic development plan for the State. Earlier attempts at development Planning were ad-hoc, short termed and political regime-tied. For development to be sustainable and political regime invariant, there is need to develop an all-inclusive, long term Economic Development Plan for the State, owned and executed for the general interest of the current and succeeding generations of the people of Gombe.Gombe State Development Plan »

Gombe State 2020 Budget Perfromance

As as a result of the emergence of corona virus with consequential social-economic hardships all over the world. Prices of stocks, oil, gas, all commodities have plumbed down drastically. Personal and national incomes are affected to the worse. The World Health Organization in February 2020 declared it a health emergency calling it a pandemic code named COVID-19.

This has necessitated the downward review of budgets and public expenditures all over the world including Nigeria and Gombe State in particular.Gombe State 2020 Budget Perfromance »

Gombe State Fiscal Reposnsibility Law 2018 Amended

FRL 2018 AmendedFRL 2018 Amended »

Gombe State Citizen 2020 Revised Budget

As as a result of the emergence of corona virus with consequential social-economic hardships all over the world. Prices of stocks, oil, gas, all commodities have plumbed down drastically. Personal and national incomes are affected to the worse. The World Health Organization in February 2020 declared it a health emergency calling it a pandemic code named COVID-19.

This has necessitated the downward review of budgets and public expenditures all over the world including Nigeria and Gombe State in particular.Gombe State Citizen 2020 Revised Budget »

Gombe State September And August 2020 Covid 19 Budget Execution Report

As as a result of the emergence of corona virus with consequential social-economic hardships all over the world. Prices of stocks, oil, gas, all commodities have plumbed down drastically. Personal and national incomes are affected to the worse. The World Health Organization in February 2020 declared it a health emergency calling it a pandemic code named COVID-19.

 

This has necessitated the downward review of budgets and public expenditures all over the world including Nigeria and Gombe State in particular.Covid 19 September 2020 »

2020 Budget Review

As as a result of the emergence of corona virus with consequential social-economic hardships all over the world. Prices of stocks, oil, gas, all commodities have plumbed down drastically. Personal and national incomes are affected to the worse. The World Health Organization in February 2020 declared it a health emergency calling it a pandemic code named COVID-19. Scientist across the globe are working day and night to unravel the mystery of the virus. There is no cure, nor vaccine for the disease so far.

This has necessitated the downward review of budgets and public expenditures all over the world including Nigeria and Gombe State in particular. the 2020 Budget is hereby reviewed to the sum of One Hundred and Seven Billion, Six Hundred and Nine Million, Three Hundred and Eight Thousand, Five Hundred and Ninety-Three (N107,609,308,593.48) Naira, Fourty-Eight Kobo for the fiscal year 2020.2020 Budget Review »

2020 Citizen Budget of Gombe State

To key into the Open government partnership programme, Gombe state government has developed its first ever citizen budget. This is aimed at providing the citizens of Gombe state access to information regarding their state budget. This gives them the opportunity to make their inputs, comments, questions and suggestions.
A budget shows what the government expects to collect as revenue, what grants it expects to receive, how much it expects to save or borrow, and what the government plans to spend on. A budget is a document that contains details about how the government plans to spend our communal wealth – the taxpayers’ money.
In a democracy, every responsible citizen has the right to know how communal wealth is being expended in the delivery of public infrastructure and services.2020 Citizen Budget of Gombe State »

2019 Budget Performance

To key into the Open government partnership programme, Gombe state government has published its Quarterly budget performance.
In a democracy, every responsible citizen has the right to know how communal wealth is being expended in the delivery of public infrastructure and services.2019 Budget Performance »

2019 Citizen Budget of Gombe State

The Gombe State Government said the main thrust of the 2020 budget signed into law by Governor Muhammad Inuwa Yahaya will be the provision of infrastructure across urban and rural areas.
The state Commissioner of Finance and Economic Development, Muhammad Gambo Magaji stated this to newsmen during a breakdown of the state’s 2020 budget.
He explained that the government will focus on the expansion of physical infrastructure across the state as well as deepening investment in the education sector for quality access to primary, secondary and tertiary education.
According to him, the infrastructure has 18.75% of the total budget, followed by educational sector with 17.40%, the health sector with 9.90%, while the agricultural sector has 4.40%.
Governor Yahaya had recently signed into law, the sum of N130.83 billion as the state 2020 budget, made up of N71.04 billion for capital expenditure and N59.78 billion for recurrent expenditure.2019 Citizen Budget of Gombe State »

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29 States 558 LGA

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