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3 Federal Ministries get N250bn SUKUK funds for road projects

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The Federal Government has disclosed that the 2021 Sovereign SUKUK proceeds of N250 billion will be used for the reconstruction and  rehabilitation of road infrastructure.

 

Speaking at the symbolic cheque presentation ceremony of the N250 billion SUKUK proceeds to the implementing ministries, the Minister of Finance,  Budget and National Planning, Mrs Zainab Ahmed, said this is in line with the Appropriation Act which  had  been  extended to March 31, 2022 by  the  National Assembly.

 

The minister also disclosed that the federal government has committed, through the Federal Ministry of Works and Housing (FMWH), a total sum of N362.557 billion from 2017 to date, to the funding of key road projects through SUKUK.

 

She further added that in view of the significant milestones recorded in the use of SUKUK funds in the reconstruction and  rehabilitation of road infrastructure, with visible  evidence, the government decided to incorporate other ministries with critical road projects into the SUKUK funding structure. 

 

 “Today, we have the Federal Capital Territory Administration (FCTA) and Ministry of Niger Delta Affairs (MNDA) joining us. 

 

“The three ministries — FMWH, FCTA and MNDA — will be sharing the Sukuk issue proceeds of N250 billion, which was successfully issued by the Debt Management Office (DMO) on behalf of the Federal Government of Nigeria on December 29, 2021,” Persecondnews quotes the minister as saying.

 

According to her, the N250 billion gives the Federal Ministry of Works and Housing  N210,565,000,000.00; Federal Capital Territory Administration (FCTA), N29,000,000,000.00; and the Ministry of Niger Delta Affairs, N10,435,000,000.00.

 

On the performance of the 2021 budget,  Ahmed noted that as of November  2021, N3.4 trillion had been expended on capital projects, which represents over 74 per cent performance compared  to  the  total capital budget of N4.569 trillion. 

 

“As at November 2021, N3.40 trillion had been expended for capital, which represents over 74 percent performance when compared to the total capital budget of N4.569 trillion. 

 

“Out of the N3.40 trillion so released, N2.98 trillion represents 83 percent of the provision for ministries, departments and agencies (MDAs) capital, N369.9 billion for multi-lateral/bilateral project-tied loans, and N49.52 billion as Government Owned Enterprises (GOEs) capital expenditure.

 

While assuring that the  government would continue to prioritise spending on critical infrastructure in order to sustain the momentum on gross domestic product (GDP), she said the 4.2 per cent projected growth in 2022 can only be possible through steady increase in spending on critical infrastructure such as roads. 

 

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