Sambo Lauds DMO For Effective Utilisation Of $1bn Eurobond

Posted by African Examiner Latest Headlines, News Friday, April 4th, 2014

Vice President Namadi Sambo on Thursday lauded the Debt Management Office (DMO) for effective utilisation of the proceeds from the ‘well-subscribed’ one billion dollars Eurobond issued last year.

Sambo, who was speaking at the 15th Supervisory Board Meeting of the DMO at the State House, Abuja, expressed optimism that the proceeds would impact positively on the growth of the Nigerian economy.

Nigeria’s Vice President Namadi Sambo, and chairman National Council on Privatisation (NCP)

According to him, the proceeds will provide the much needed funds in the areas of power generation, distribution and transmission, as well as in the agriculture, gas and aviation sectors.

He charged the DMO to continue with its good works as a key institution in the Transformation Agenda.

Earlier, the Director-General of the DMO, Dr Abraham Nwankwo, had briefed the meeting on the utilisation of the proceeds from the Eurobond.

He said the proceeds were being disbursed to targeted sectors of the economy as directed by government.

Nwankwo also narrated the efforts of the DMO in addressing institutional and capacity challenges facing debt management departments in the 36 states.

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

Nwankwo thanked the President and Vice President for their commitment to the success of the activities of the DMO and assured that the office would continue to ensure effective management of the country’s debts.

The board, during the meeting, ratified the appointment of Messrs Sada Idris & Company as the external auditor for the DMO following the expiration of the tenure of its current external auditors. (NAN)