Overview

The Debt Management Office (Establishment) Act 2003 is a Nigerian federal law that establishes the Debt Management Office (DMO) as a corporate body with perpetual succession. The Act is deemed to have commenced on 1st August 2000. It defines key terms such as 'Board', 'Debt' (including domestic and external), 'Loans' (internal and external), 'Minister' (Finance), 'Office' (DMO), and 'Public bodies' (Federal, State, Local Governments and their agencies). The Office is empowered to sue and be sued, and to acquire, hold, and dispose of property. A Supervisory Board is established, chaired by the Vice-President, with members including the Minister of Finance (Vice-Chairman), Attorney-General, Chief Economic Adviser to the President, Governor of the Central Bank, Accountant-General, and the Director-General as Secretary. The Office's functions include maintaining a database of all loans taken or guaranteed by Federal or State Governments, advising on debt management, coordinating external borrowing, and ensuring compliance with debt-related laws. The Act provides for the appointment of a Director-General and other staff, staff regulations, pensionable services, and a Management Team. Financial provisions establish a fund for the Office, allow for gifts, require annual estimates and reports. Part VI governs external borrowing, requiring National Assembly approval and execution of loan agreements. Part VII covers Federal Government guarantees, internal borrowing, lending to the Federal Government, approval for grants or loans to foreign states, and terms for loans and guarantees. Miscellaneous provisions include limitations on suits against the Office, service of documents, restriction on execution against Office property, transitional provisions, validation of appointments, regulation-making power, and consequential repeals.

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