N613 Billion Sukuk Loan Spent On Roads, Bridges - Zainab Ahmed

Date: 07-02-2023 11:45 am (1 month ago) | Author: Bayo Nelson
- at 7-02-2023 11:45 AM (1 month ago)
(m)

It has been revealed that the N612.56bn raised through Sovereign Sukuk between 2017 and 2021 has been spent. The Federal Government said it used the money for the construction and rehabilitation of 77 road projects and 23 bridges. The Minister of Finance, Budget and National Planning, Zainab Ahmed, on Monday at the symbolic cheque presentation ceremony of the 2022 Sovereign Sukuk Issue proceeds of N130bn to the Ministry of Works and Housing and the Federal Capital Territory Administration.
 
According to the minister, while 71 road projects and four bridges were under the purview of the Ministry of Works and Housing, six road projects and 19 bridges were handled by the FCTA.
 
She said, “As at date, this administration has invested the sum of N612.557bn raised through sovereign sukuk between 2017 and 2021 for the construction and rehabilitation of key economic road projects in the six geo-political zones and the Federal Capital Territory.
 
“In real terms, the amount has been used to construct and rehabilitate sections of 71 road projects covering 2,808.06 kilometers and four bridges by the FMWH and sections of six road projects covering 99 kilometers and 19 bridges by the FCTA.”

 
She further disclosed that from the N130bn raised from the sukuk issued in 2022, the Ministry of Works and Housing got N110bn while FCTA got N20bn for road and bridge projects.
 
The finance minister said, “The FMWH and FCTA will be sharing the 2022 Sukuk Issue Proceeds of N130bn, which was successfully issued by the Debt Management Office on behalf of the Federal Government of Nigeria on December 02, 2022 as follows: Federal Ministry of Works and Housing – N110,000,000,000.00 and Federal Capital Territory Administration – N20,000,000,000.00.
 
“The 2022 Sovereign Sukuk of N130bn will be released as part of the Capital Expenditure in the 2022 Appropriation Act, which has been extended by the National Assembly to March 31, 2023.”

 
She also noted that as of November 2022, N1.88tn had been released as Capital Expenditure, representing about 40 per cent performance when compared to the total Capital Budget of N4.7tn.
 
She then explained that this low capital expenditure performance led to the extension of the fiscal period to implement the capital component of the 2022 Budget. The Director-General, DMO, Patience Oniha, noted that the Sukuk can be issued to fund any fixed asset in the country as designated by the finance minister. She also noted that the debt office started issuing the Sukuk in a challenging environment, but the issue process became better over the years.
 
The Minister of Works and Housing, Babatunde Fashola, lauded the sukuk bond initiative, describing it as a bailout instrument that has helped in fixing Nigerian roads in the country. He noted that he inherited a sum of N18bn as total capital budget for roads in 2015 but the figure rose to about N266bn with the introduction of the Sukuk.


Posted: at 7-02-2023 11:45 AM (1 month ago) | Hero
- kp45 at 7-02-2023 01:10 PM (1 month ago)
(m)
Make una continue
Posted: at 7-02-2023 01:10 PM (1 month ago) | Hero
Reply
- Lisabi at 7-02-2023 01:46 PM (1 month ago)
(m)
Don't use Yorubaland as collateral
Posted: at 7-02-2023 01:46 PM (1 month ago) | Gistmaniac
Reply
- Lisabi at 7-02-2023 01:47 PM (1 month ago)
(m)
Don't use Yorubaland as collateral
Posted: at 7-02-2023 01:47 PM (1 month ago) | Gistmaniac
Reply
- gogoman at 7-02-2023 02:00 PM (1 month ago)
(m)
Good!! we see the work, all over the country!!! second niger bridge
Posted: at 7-02-2023 02:00 PM (1 month ago) | Grande Master
Reply
- fineboy77 at 7-02-2023 05:18 PM (1 month ago)
Online (m)
Dis woman with her eyes like dat of a thief

Posted: at 7-02-2023 05:18 PM (1 month ago) | Hero
Reply
- kacylee at 7-02-2023 09:15 PM (1 month ago)
(f)
keep on stealing and lying

Posted: at 7-02-2023 09:15 PM (1 month ago) | Addicted Hero
Reply
- Allsense at 8-02-2023 08:00 AM (1 month ago)
(m)
Mention the roads constructed and let's c where it is located.
Posted: at 8-02-2023 08:00 AM (1 month ago) | Gistmaniac
Reply

fire TRENDING GISTS fire

TODAY'S TOP
  1. MTN Debunks Report That 2 Of Its Employees Among Those Killed By Gunmen In Imo

  2. De Rock Club Owner, Adepoju Sunda Arraigned For Allegedly Defrauding Americans

  3. EFCC Arrests 23 Suspected ‘Yahoo Boys’, Recovers 6 Exotic Cars, 43 Phones, Laptops, Charms

  4. Singer, Davido Rebrands DMW Label, Signs Two New Artists

  5. How Over N2.5m Alcohol Confiscated By Hisbah In Kano

  6. Families Of 39 Slain Nigerians During 2023 Election, Victims Seek Justice

  7. EFCC Arraigns Ex-ABU VC, Bursar Over N1b Fraud

  8. 9 Person Reportedly Died, 5 Injured in Different Auto Crashes In Bauchi


THIS WEEK
  1. We’ll Make Nigeria Ungovernable If Labour Party, PDP Attempt To Stop Tinubu’s Swearing In - FFK

  2. Afenifere Throws Weight Behind Obi's Decision To Challenge Election Result, Insists He Won

  3. Former Gov. of Zamfara, Yari Joins Race For Senate President

  4. APC Supporters Protest in Abuja to Demand Congratulatory Messages For President-elect Tinubu.

  5. BREAKING! Nollywood Actress Gbemi Anjola Dies After Prolonged Battle With Ovarian Cancer

  6. Reno Omokri Apologizes To Peter Obi After Accusing Him of Rigging Election (Video)

  7. Cameroonian Lady Commits Suicide After Boyfriend She Sponsored To America Dumped Her

  8. If Tinubu Can Create A Seaport In Anambra; Igbos Will Worship Him – Actress, Cossy Ojiakor

  9. Charly Boy Reveals Plan To Join, Take Protest To Next Level Over Election Results

  10. Tinubu’s Daughter Speaks On Dad’s Electoral ‘Victory, Begs Nigerians to Support Him


TOP MEMBERS: