FG Increases SUKUK Funds to N742.56bn For Road Projects.

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The Federal Government, through Debt Management Office (DMO), has raised N742.56 billion via Sovereign Sukuk for the construction and rehabilitation of roads across the country.

“These have deepened the market, created benchmarks for other borrowers and promoted financial inclusion by providing a retail product, FGN Savings Bond, as well as, Sukuk and Green Bonds for ethical investors”, she stated.

Earlier in her remarks, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, noted that Sukuk, a project-tied debt instrument, was one of the many innovative and very successful initiatives of the Buhari administration towards financing the development of critical infrastructure in the country.

She gave a breakdown of the beneficiary Ministries as: Federal Ministry of Works and Housing – N110,000,000,000 and the Federal Capital Territory Administration – N20,000,000,000.”

N1.88 trillion had been released as Capital Expenditure, which represents about 40 percent performance when compared to the total Capital Budget of N4.7 trillion.

The Sun

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