Section 3: Functions of the Bureau

(1) The Bureau shall-
(a) maintain a reliable database of all loans taken or guaranteed by the Federal or State Governments or any of their agencies;
(b) prepare and submit to Federal Government a forecast of loan service obligations for each financial year;
(c) prepare and implement a plan for the efficient management of Nigeria's external, domestic and sub-national debt obligations at sustainable levels compatible with desired economic activities for growth and development, and participate in negotiations aimed at realizing those objectives;
(d) verify and service all debts guaranteed or directly taken by the Federal Government;
(e) on agency basis, verify and service external and other debts taken by State Governments or Local Governments and any of their agencies, where such debts are guaranteed by the Federal Government;
(f) set guidelines for managing Federal Government financial risks and currency exposure with respect to all loans;
(g) advise the Federal Government on the re-structuring and re-financing of all debt obligations;
(h) advise the Minister on the terms and conditions on which monies, whether in the currency of Nigeria or in any other currency, are to be borrowed;
(i) submit to the Federal Government, for consideration in the annual budget, a forecast of borrowing capacity in local and foreign currencies;
(j) prepare a schedule of any other Federal Government obligations such as trade debts and other contingent liabilities, both explicit and implicit, and provide advice on policies and procedures for their management;
(k) establish and maintain relationships with international and local financial institutions, creditors and institutional investors in Government debts;
(l) collect, collate, disseminate information, data and forecasts on debt management with the approval of the Board; and
(m) perform such other functions which in the opinion of the Bureau are required for the effective implementation of its function under this Act.
(2) Notwithstanding the provisions of subsection (1) of this section, the Bureau shall-
(a) administer the debt conversion programme of the Federal Government; and
(b) perform the functions of the Minister with regard to the development fund rules.