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FG satisfied with $1bn Eurobond utilisation – Sambo

By BusinessNews Staff on April 5, 2014

The Federal Government on Thursday expressed satisfaction over what it called the effective utilisation of the proceeds of the country’s $1bn Eurobond flotation by the Debt Management Office.

Vice President Namadi Sambo stated the government’s position while presiding over the 15th supervisory board meeting of the DMO at the Presidential Villa in Abuja. He is the chairman of the board.

The vice president expressed optimism that the proceeds would impact positively on the growth of the Nigerian economy by providing the much needed funds for power generation, distribution and transmission, as well as in the agriculture, gas and aviation sectors.

He charged the DMO to continue with its good work as it was a key institution in the present administration’s transformation agenda.

Earlier, the Director-General, DMO, Dr. Abraham Nwankwo, had briefed the board members on the utilisation of the proceeds from the Eurobond, which he noted were being disbursed to targeted sectors of the economy as directed by the government.

Nwankwo also narrated the efforts of the DMO in addressing institutional and capacity challenges being faced by the debt management departments of the 36 states of the federation.

He said in order to surmount the challenges, his office had organised workshops and special training programmes for top policy makers and debt managers to institutionalise international best practices.

While thanking President Goodluck Jonathan and Sambo for their commitment to the success of the DMO, Nwankwo assured them that his office would continue to ensure effective management of the country’s debt profile.

The board, during the meeting, ratified the appointment of an external auditor, Messrs Sada Idris & Company, for the financial operations of the DMO following the expiration of the tenure of the current firm of external auditors.

[Punch]

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