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Published On: Fri, Apr 4th, 2014

FG lauds Debt Office’s utilisation of $1bn Euro Bond

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The Federal Government of Nigeria has commended the Debt Management Office (DMO) for ensuring the effective utilisation of the proceeds from the issuance of the well subscribed one billion dollars Eurobond (US$1 billion), issued last year.

The Vice President, Arc Mohammed Namadi Sambo, who is also the Chairman of the DMO board, gave this commendation at the 15th Supervisory Board Meeting of the DMO, held on Thursday at the State House, Abuja.

A statement issued by the Senior Special Assistant to the Vice President on media and publicity, Mr.Umar Sani, said Sambo expressed optimism that the proceeds would impact positively on the growth of the Nigerian economy, especially as it would provide the much needed funds in the areas of power generation, distribution and transmission, as well as in the agriculture, gas and aviation sectors.

According to the statement, he charged the DMO to continue with its good works as it was 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 issuance of the Eurobond, which he noted was being disbursed to targeted sectors of the economy as directed by government.

Nwankwo, the statement added, also narrated the efforts of the DMO in addressing institutional and capacity challenges being faced by Debt Management Departments in the 36 States of the Federation, noting that in order to surmount the challenges, the Office had organized workshops and special training programmes for top policy makers and debt managers, aimed at institutionalising international best practices.

While thanking President Jonathan and Vice President Sambo for their commitment to the success of the activities of the DMO, he assured that the 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 for the financial operations of the DMO, Messrs Sada Idris & Company, following the expiration of the tenure of its current external auditors, the statement pointed out.

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