DMO reports 144.1% increase in profit to N1.31bn

The Debt Management Office of Nigeria (DMO) has  reported a surplus of N1.31 billion for the 2019 financial year. This represents a 144.1per cent increase in profit compared to N538.4 million recorded in the previous year.

This is according to its recently published financial statement, released on its website.

The agency recorded growth in profit despite a 5.5per cent decline in its income recorded in the period under review. Specifically, it generated a sum of N3.88 billion as revenue in 2019 compared to N4.1 billion made in 2018.

Revenue declined by 5.5 per cent year-on-year from N4.1 billion recorded in 2018 to N3.88 billion in 2020.

Foreign cost of services nosedived by 86.2 per cent in 2019 to N502.16 million from N3.63 billion recorded in the previous year.

Meanwhile, the local cost of services jumped by 77.5per cent from N906.6 million recorded in 2018 to N1.61 billion in 2019.

Employee cost, which includes salaries, pension, and welfare increased by 7.6 per cent from N389.75 million to N419.54 million in 2019.

Its total asset also recorded a 55 per cent increase to stand at N4.65 billion while equity stood at N3.64 billion as of the end of 2019.

In the same vein, value-added increased by 85 per cent from N954.51 million recorded in 2018 to N1.77 billion in 2019.

According to the result, value-added represents the additional wealth the office has been to create by its own and its employees’ efforts.

The statement shows the allocation of the wealth among employees, provider of capital, and that retained for the future creation of more wealth.

Also, the report shows the statement of the Director-General, Ms. Patience Oniha, which partly reads “It is with honour and a great privilege that I present to you, our esteemed stakeholders and the general public, the Annual Report and Statement of Accounts of the Debt Management Office (DMO) for the year ended December 31, 2019.

“Consistent with best practice and given the extensive scope of public debt management, the Report includes a review of the global and domestic macro-economic environment including policies and activities that impacted on debt and the credit markets in 2019.

“The Report also provides very detailed data on Nigeria’s Public Debt covering the Debts of the Federal Government, the thirty-six (36) State Governments and the Federal Capital Territory.”