The Debt Management Office of Nigeria (DMO) reported a surplus of N1.31 billion for the 2019 financial year. This represents a 144.1% 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 5.5% 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% year-on-year from N4.1 billion recorded in 2018 to N3.88 billion in 2020.
- Foreign cost of services nosedived by 86.2% in 2019 to N502.16 million from N3.63 billion recorded in the previous year.
- Meanwhile, the local cost of services jumped by 77.5% 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% from N389.75 million to N419.54 million in 2019.
- Its total asset also recorded a 55% 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% 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.