FG satisfied with $1bn Eurobond utilisation – Sambo

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.