UK (Commonwealth Union)_ Nigeria has embarked on a significant initiative to enhance its management of public debt, leveraging state-of-the-art software developed by the Commonwealth Secretariat. With a public debt portfolio totaling US $114.35 billion, the adoption of this software aims not only to streamline debt management practices but also to improve transparency in financial operations.
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Responding to a request from the Nigerian government, the Commonwealth Secretariat hosted a two-week training workshop at its London headquarters this month. Fifteen Nigerian debt managers participated, receiving hands-on training on the implementation of the new software, known as Commonwealth Meridian. The workshop focused on preparing debt databases for seamless migration to Meridian and imparting essential skills for recording, analyzing, and managing various types of debt using this advanced tool.
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Speaking at the opening of the workshop, Dr. Cyprian T. Heen, the acting High Commissioner of Nigeria to the United Kingdom, emphasized the significance of the software in promoting sound debt management practices, particularly in developing countries. He underscored the importance of monitoring debt liabilities to prevent increasing costs and risks, which could otherwise impede government spending on projects crucial for sustainable development. Dr Heen said: “Meridian allows borrowers to record their debt accurately and comprehensively across the full range of debt management transactions and operations. In turn, this facilitates accurate and timely debt service payments to creditors while allowing governments to monitor their liabilities.”
Meridian, introduced in 2019, serves as the successor to the Commonwealth Secretariat: Debt Recording and Management System (CS-DRMS), which has been instrumental in Nigeria’s public debt management since the 1990s. This upgraded software provides managers with real-time access to debt data, enabling effective monitoring of liabilities and informed decision-making while ensuring timely fulfillment of national financing needs at acceptable risk levels.
Dr. Ruth Kattumuri, Senior Director of the Commonwealth Secretariat’s Economic, Youth, and Sustainable Development Directorate, commended Nigeria’s pivotal role as a key partner in driving Africa’s development. She highlighted Nigeria’s potential for catalyzing growth and sustainable development across the continent, leveraging its abundant natural resources and human capital. Dr. Kattumuri reaffirmed the Commonwealth’s unwavering support for Nigeria’s development endeavors, including through the deployment of essential tools like Meridian.
Maraizu Nwankwo, Director of the Debt Recording and Settlement Department at Nigeria’s Debt Management Office, appreciated the training initiative, expressing optimism about the benefits of Meridian in addressing the challenges faced by debt officials. He highlighted the software’s potential to meet the increasing demand for public debt data in various formats by stakeholders and users, thus supporting the Debt Management Office in fulfilling its responsibilities effectively. He said, “Meridian would help to address the challenges encountered by our debt officials in the use of CS-DRMS and support the Debt Management Office in meeting the increasing demand for public debt data in various forms by stakeholders and users.”
Meridian, offered as part of the Commonwealth’s debt management program, underscores the organization’s commitment to supporting member countries with advocacy, policy advice, and innovative tools. Presently, Meridian is operational in 39 Commonwealth countries, reflecting its widespread adoption and utility in advancing debt management practices globally.
