Dr. Abraham Nwankwo
Jude Okwe
The $1billion Eurobond meant for public power supply stabilisation in Nigeria will not only be tied to the envisaged projects, but also closely monitored to win investors’ confidence.
This was disclosed yesterday, by the Director General of Debt Management Organisation (DMO), Dr. Abraham Nwankwo, in Calabar, the Cross River State capital.
In an interview shortly after the commencement of a workshop on “Effective Sub-national Debt Management for Top Policy Makers of the States in Southern Nigeria,’’ Nwankwo explained that since power supply had remained a hydra-headed problem, government was determined to utilise the bond judiciously.
“All borrowed funds must be utilised. Even the $1billion Eurobond that has been sourced, the DMO will ensure that the projects in the power sector are closely monitored. We are not only going to ensure close monitoring, but we will also make sure that the findings are reported from time to time,’’ he said.
The $1billion Eurobond offering meant to finance power projects across the country was four times oversubscribed, following high investors’ demand locally and internationally.
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