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Nigeria Government to spend N100bn Sukuk fund for road infrastructure

Abuja, Director-General, Mrs. Patience Oniha, of the Debt Management Office, had said the 100bn from the Islamic Bond Sukuk will be dedicated to building critical road infrastructure across the country.

The sovereign Sukuk is an ethical-based investment in which rent is based on the investment bi-annually and the principal sum paid at the end of the seven-year tenor. And it is full supports of the Federal Government Of Nigeria and it is one of the avenues through which it intended to raise funds for capital projects.

The Assistant Director, Planning, and Development, Federal Ministry of Power, Works and Housing, Mr. Danlele Yila, listed 25 road projects spread across the six geo-political zones of the country, which the N100bn Sukuk capital would be used for.

Some of the projects include the Loko Oweto Bridge, dualization of a section of the Abuja-Lokoja road, dualization of the Suleja-Minna road as well as the Kano-Maiduguri road.

Others are dualization of the Kano-Katsina road (phase 1), rehabilitation of the Onitsha-Enugu Expressway, the Enugu-Port Harcourt road (section 1-3), and the dualization of the Ibadan-Ilorin road (section 2).

 

 

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