FG releases 100 billion naira sukuk bond to 36 states for road projects

Federal Government has released the proceeds of the 100 billion naira sukuk bond to 36 states for the financing of 25 road projects being handled by the Federal Ministry of Power, Works and Housing across the country.
Minister of Finance, Kemi Adeosun who handed over the 100 billion Naira proceed cheque to the Minister of Power, Works and Housing, Babatunde Fashola, in Abuja said the oversubscription of the bond to the tune of 105.87 billion Naira was a sign of confidence in the Nigerian economy and the administration of President Muhammadu Buhari.
She added that the sukuk proceed would unlock the potential of Nigeria. According to her, the proceeds will be used to support government capital spending for 2017 – the construction and rehabilitation of 25 key economic roads across the six geo-political zones of the country.
While stating that the roads will ease commuting, spur economic activities across the country and further close the infrastructural gap, Adeosun stressed that each of the geopolitical zones of the country is expected to receive the sum of 16.67 billion Naira for road projects in their respective zones.
Also Speaking at the handover ceremony, Fashola commended the Finance Minister, the Director-General of Debt Management Office, Patience Oniha and the financial advisers for the bond issuance for their painstaking efforts in realising the milestone.
He assured the ministry’s contractors that the Federal Government was committed to the funding of its infrastructural projects across the country.


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