Home National News FG releases over 100 billion Naira generated from Sukuk for road projects

FG releases over 100 billion Naira generated from Sukuk for road projects

The Minister of Finance, Zainab Ahmed has handed over the N100 billion generated from last month’s Sukuk issued by the Debt Management Office -DMO.

Speaking at a brief ceremony in Abuja, she said the Sukuk was a demonstration of the federal government commitment to funding the nation’s infrastructure by mobilising both public and private funds to bridge the existing gap.

In his remarks, the Minister of Works Power and Housing, Babatunde Fashola, pledged to immediately disburse the N100 billion to contractors working on 28 road projects across the country and said the money was evenly disbursed to identified critical road projects with each geo-political zone receiving N16.7 billion.

The Director-General of the DMO, Patience Oniha, who provided more details on the Sukuk, said that more private investors were investing in infrastructure through Sukuk and other federal government bonds, adding that DMO will step up sensitization for greater participation, even among retail investors who accounted for over 17 per cent of the last issuance.

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