2021 Sovereign Sukuk Issue: 3 ministries get N250bn for roads infrastructure

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The ministries of Works and Housing, Federal Capital Territory Administration and that of Niger Delta Affairs Thursday get cheques totaling N250 billion for roads infrastructure.

The three ministries shared the amount which was successfully issued by the Debt Management Office (DMO) last year.

Based on the amounts on the respective cheques, Federal Ministry of Works and Housing got N210,565,000,000; FCTA-N29,000,000,000; Ministry of Niger Delta Affairs got N10,435,000,000.

Speaking at the symbolic cheque presentation in Abuja, the Minister of Finance, Budget and National Planning, Zainab Shamsuna Ahmed, said, “So far, we have committed, through the Federal Ministry of Works and Housing, a total of N362,557 billion from 2017 to date to the funding of key road projects through Sukuk.

Earlier in her remarks, the Director-General of the DMO, Patience Oniha pointed out that the improvement in infrastructure due to its multiplier effects, is widely accepted as one of the best means of creating jobs, supporting and attracting new business and promoting overall growth and development.

Oniha stated that the acceptance of Sukuk by investors and the veritable evidence of its benefits have encouraged some state governments and institutions to raise funds through Sukuk issuance.

“The level of investors’ interest in the product is evident from the subscription of overN865 billion received from diverse investors for the N250 billion offered,” she said.