ctor when she joined the Debt Management Office in 2008 as Director, Market Development Department. In this capacity, she brought her banking experience to bear on various aspects of the organisation’s activities with a view to deepening the Nigerian capital market and to make it create necessary avenue that both government at various levels and the Organised Private Sector could access long-term funds for infrastructure development and business expansion, respectively.
While still at the DMO, Ms. Oniha was appointed as the Head of the Efficiency Unit at the Federal Ministry of Finance. To execute the mandate of the Unit she was to moderate the Government’s Overhead Expenditure and generate savings from the procurement process. She introduced a number of initiatives. Amongst them were the issuance of 7 Circulars to control expenditure on specific Overhead items and the negotiation of discounts with airlines.
When Ms. Oniha took over, one major problem in the capital market was the complaint that the federal government was crowding out the private sector from accessing funds from the market. The rates were also considered too high to be attractive to them. This policy remained in force until last year. However, the COVID-19 pandemic disrupted the government overall international borrowing plan. Consequently, the government had to fall back on the domestic market this year.
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