The Commonwealth Secretariat has introduced a powerful software, Commonwealth Meridian, in Nigeria to enhance transparency and transform the management of the country’s public debt portfolio, which stands at US $114.35 billion.
In response to the Nigerian government’s request, the Commonwealth Secretariat organized a two-week training workshop in London for 15 Nigerian debt managers.
The software aims to streamline debt databases and equip debt managers with essential skills for recording, analyzing, and managing various types of debt.
The upgraded tool, launched in 2019, provides real-time debt data for informed decision-making and risk management.
The software is designed to revolutionize the management of Nigeria’s substantial public debt portfolio, currently standing at US $114.35 billion.
It replaces its predecessor, the Commonwealth Secretariat: Debt Recording and Management System (CS-DRMS), and offers enhanced features to facilitate accurate, real-time debt recording and management.
The training covered essential skills for utilizing Commonwealth Meridian to record and analyze various types of debt.
The comprehensive approach aims to improve the transparency of Nigeria’s debt management practices and provide timely, accurate information for informed decision-making.
Dr. Cyprian T. Heen, acting High Commissioner of Nigeria to the United Kingdom, emphasized the importance of sound debt management practices for developing countries.
He also highlighted how effective debt monitoring prevents escalating debt costs and risks, allowing governments to allocate resources to projects crucial for sustainable development.
The Commonwealth Meridian software, introduced in 2019, is a significant upgrade from the Commonwealth Secretariat’s earlier system (CS-DRMS), which has been instrumental in supporting Nigeria’s public debt management since the 1990s.
The new software offers real-time access to debt data, empowering managers to monitor liabilities and make informed decisions to meet national financing needs at acceptable risk levels.
Dr. Ruth Kattumuri, Senior Director of the Commonwealth Secretariat’s Economic, Youth, and Sustainable Development Directorate, expressed the Commonwealth’s commitment to supporting Nigeria’s development efforts.
She underscored Nigeria’s pivotal role in driving growth and sustainable development across the African continent and highlighted the Commonwealth’s role in providing essential tools like Meridian.
Nigeria’s Debt Management Office Director, Maraizu Nwankwo, commended the training initiative and highlighted how Commonwealth Meridian would address challenges faced by debt officials.
”The software is expected to support the Debt Management Office in meeting the increasing demand for public debt data from various stakeholders and users.
”The introduction of this advanced software is poised to contribute significantly to Nigeria’s efforts to manage its public debt more transparently and efficiently,” Nwankwo said.
Commonwealth Meridian, currently in use in 39 Commonwealth countries, is part of the Commonwealth’s broader debt management program, which includes advocacy and policy advice to formulate effective debt management strategies.
