Ahead of 2019 General Elections, Nigeria releases N100bn sukuk to fund 28 road projects

Zainab Ahmed
President Muhammadu Buhari’s government plans to fix and construct 28 new roads across Nigeria’s six geo-political zones as he runs for relection next month.
To meet this demand, the Debt Management Office (DMO), on Thursday, released N100 billion sukuk bond issued in December 2018 with the expectation that each of the six geo-political will receive N16.7 billion to fund identified sections of critically important road projects.
Zainab Ahmed, Minister of Finance, who presented a cheque of the N100 billion Minister of Power, Works and Housing, Babatunde Fasshola at a ceremony held inside the auditorium of Federal Ministry of Finance in Abuja, said the Sukuk funding option is part of the initiatives of the government to diversify government funding sources, while also deepening the Nigerian capital market, mobilising more savings and promoting financial inclusion.
There is no timeline given on when exactly the projects in the six regions will commence.

Written by Ruth Olurounbi

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