In order to fund road improvements in the nation’s six geopolitical zones between 2017 and 2022, the federal government has thus far raised a total of N742.56 billion through sovereign sukuk.
The Debt Management Office (DMO) has issued Sukuk, a fixed-income capital market instrument, on behalf of the federal government to raise money for financing national road projects.
The issuance of Sovereign Sukuk, a project-tied debt instrument, is one of the many creative and extremely successful initiatives of this administration towards financing the development of critical infrastructure in the country, according to remarks made by Mrs. Zainab Ahmed, Minister of Finance, Budget, and National Planning.
Ahmed emphasized that the N612.557 billion raised by the Buhari administration through Sovereign Sukuk between 2017 and 2021, into the construction and rehabilitation of key economic road projects in the six geo-political zones and the Federal Capital Territory (FCT).
According to her, the N130 billion Sukuk fund would be released as part of the capital expenditure in the 2022 Appropriation Act, which had been extended by the National Assembly to March 31, 2023.