Connect with us

National

FG Raises N130 billion Sukuk loan to build roads nationwide

Published

on

FG Raises N130 billion Sukuk loan to build roads nationwide

FG Raises N130 billion Sukuk loan to build roads nationwide

The Federal Government has shared N130 billion Sovereign Sukuk Issue Proceeds for construction of roads nationwide.

The loan is shared to both Ministry of Work (N120 billion) and the Ministry of Federal Capital Territory Administration (N10 billion) to build roads.

Presenting the dummy cheques to the Ministers of Works (Babatunde Fashola) and Minister of FCTA (Mohammed Bello, who was represented by a permanent secretary in the Ministry, Adesola Olusade), the Minister of Finance, Budget and National Planning, Dr. Zainab Shamsuna Ahmed, said the fund is for development of road infrastructure.

She said: “It is my pleasure to welcome you all to yet another historic day in the life of this administration to witness the public presentation of dummy Sovereign Sukuk Cheques to the Federal Ministry of Works and Housing and Federal Capital Territory Administration (FCTA).

RELATED STORY: Air Force Jet Crash-lands At Lagos Airport

“I am proud to say that the Issuance of Sovereign Sukuk, a project-tied debt instrument, is one of the many innovative and very successful initiatives of this administration towards financing the development of critical infrastructure in the country. The facts on how much the initiative has helped to improve road infrastructure across the country speak for themselves.”
 
Ahmed disclosed that: “As at date, this administration has invested the sum of N612.557 billion raised through Sovereign Sukuk between 2017 and 2021 for the construction and rehabilitation of key economic road projects in the six (6) geo-political zones and the Federal Capital Territory (FCT). In real terms, the amount has been used to construct and rehabilitate sections of 71 road projects covering 2,808.06 kilometers and 4 bridges by the FMWH and sections of six (6) road projects covering 99 kilometers and 19 bridges by the FCTA.”

She added that: “The FMWH and FCTA will be sharing the 2022 Sukuk Issue Proceeds of N130 billion, which was successfully issued by the Debt Management Office (DMO) on behalf of the Federal Government of Nigeria (FGN) on December 02, 2022.”

She noted that: “The 2022 Sovereign Sukuk of N130 billion will be released as part of the Capital Expenditure in the 2022 Appropriation Act, which has been extended by the National Assembly to March 31, 2023. As at November 2022, N1.88 trillion had been released as Capital Expenditure, which represents about 40% performance when compared to the total Capital Budget of N4.7 trillion. This informed the need to extend the period to implement the capital component of the 2022 Budget.”
 
“It is important to add that beside the immense contributions of Sukuk to the funding of critical road infrastructure, the objectives of deepening the domestic capital market and financial inclusion are being achieved by the Government. The private sector and sub-nationals have begun to embrace the instrument and I look forward to seeing more issuances in this regard as this will provide additional asset class for the rapidly growing ethical investors and funds in the economy,” the Minister added.

On her part, the Director-General of the Debt Management Office, Ms. Patience Oniha said since the introduction of the scheme, an effort which led to the issuance of the first Sovereign Sukuk of N100 Billion in September, 2017, the DMO has issued Sukuk four more times bringing the total amount raised as at December 2022 to N742.56 billion.

She said: “From the Sukuk issued between 2017 and 2021, a total of N612.56 Billion was raised and deployed to the construction and rehabilitation of sections of seventy-one (71) roads and four (4) bridges covering a total of 2,820.06km. I wish to commend the implementing Ministries and their various contractors for supporting the DMO in this initiative. Not surprisingly, the two (2) Ministries are also beneficiaries of the N130 Billion 2022 Sovereign Sukuk, whose proceeds will be similarly deployed to road projects.”

She noted that: “The Debt Management Office (DMO) started the journey towards issuing a Sovereign Sukuk some years back, diligently working with experts to get the process and documentation right.
Through the Sovereign Sukuk initiative, the DMO has demonstrated its strong alignment with the policy of President Muhammadu Buhari, on infrastructural development.

“Furthermore, the DMO has positioned itself not only as an agency for managing the public debt including borrowing on behalf of the Federal Government, but as an active stakeholder in the domestic capital market through innovation, investor engagement and collaboration with other stakeholders. These have deepened the market, created benchmarks for other borrowers and promoted financial inclusion by providing a retail product, FGN Savings Bond, as well as, Sukuk and Green Bonds for ethical investors.”

She said that the DMO remained committed to its mandate and market development activities.

The Minister of Works said the nation though now complaining about the debt burden would be grateful in coming years on the assets which were acquired.

He said the roads constructed with the debt have added to improving the economy with creation of more jobs and improving the income of stakeholders.

FG Raises N130 billion Sukuk loan to build roads nationwide

Continue Reading
1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

National

Peter Obi Dismisses Claims of Accepting 2027 Vice Presidential Role

Published

on

By

Peter Obi Dismisses Claims of Accepting 2027 Vice Presidential Role

Peter Obi Dismisses Claims of Accepting 2027 Vice Presidential Role

Peter Obi, the Labour Party’s presidential candidate in the 2023 general election, has refuted claims that he agreed to become a vice-presidential candidate in the 2027 elections. The former Anambra State Governor addressed the issue via a series of posts on his official X account on Saturday, accusing certain groups of misinterpreting his recent interview.

Obi emphasized that his remarks during the News Central TV interview had been deliberately distorted by propagandists, and he reiterated his unwavering commitment to the Labour Party and Nigeria’s progress.

https://www.facebook.com/Ochuwa24news/videos/820328146751630

Clarifying his stance, Obi stated, “I am not focused on 2027 when Nigerians are grappling with hunger, poverty, insecurity, and other urgent challenges.” He noted that he is open to partnerships, but only with individuals whose intentions align with advancing the country, not capturing state power.

Obi further stressed that his priority is to address pressing national issues, including bringing millions of out-of-school children back into classrooms and combating poverty. He categorically denied any agreement to serve as a vice president, saying, “For the avoidance of doubt, I never stated at any time that I would be vice president to anyone.”

Despite the rumors, Obi reaffirmed his dedication to Nigeria’s development, insisting that true progress can be achieved without necessarily holding political office.

Continue Reading

Entertainment

Tjay Emerges as Week 7 Head of House in BBNaija, Gains Immunity

Published

on

Tjay Emerges as Week 7 Head of House in BBNaija, Gains Immunity

Tjay Emerges as Week 7 Head of House in BBNaija, Gains Immunity

Tjay has been crowned the Head of House (HoH) for week seven in the Big Brother Naija (BBNaija) ‘No Loose Guard’ season, becoming the second solo HoH of the competition.

The announcement followed the unpairing of housemates, marking the start of individual gameplay after weeks of competing in duos.

In the week’s challenge, housemates navigated through a maze of laser beams in the arena before transferring mini cubes from one bottle to another.

Tjay, formerly part of Team Beta with his close friend Ben, completed the task in record time, securing his position as the new HoH.

With this win, Tjay gains immunity from eviction for the week, ensuring his safety in the game as the competition heats up.

This victory comes after Onyeka became the first solo HoH in the previous week, following a string of duo HoHs, including Mbadiwe Twins and Team Ndi Nne.

As the show progresses, housemates are vying for the ultimate grand prize of N100 million, with the stakes growing higher each week.

Continue Reading

National

NOA launches birth registration campaign in Gombe, urges community participation

Published

on

NOA launches birth registration campaign in Gombe, urges community participation

NOA launches birth registration campaign in Gombe, urges community participation

The National Orientation Agency (NOA) in collaboration with the National Population Commission (NPC), has begun birth registration sensitisation in Gombe State with a call on residents to embrace the exercise.

The campaign is being supported by the United Nations Children’s Fund (UNICEF).

Speaking at the event in Gombe on Thursday, Mrs Adaline Patari, the state director, NOA, Gombe State office, said the move was to protect the future of children in the state.

Patari said the exercise was a nationwide birth registration social mobilisation drive, aimed at ensuring that every child in Nigeria had access to education, healthcare, and other essential services.

According to her, the drive is focused on registering all children aged 0-5 years and providing them with a National ldentification Number (NIN) free of charge.
She said that the birth registration drive would run from August to November 2024.

“Birth registration is a fundamental right of every child, and this initiative seeks to highlight its importance to the child, the family, the community, and the nation at large.

“Birth registration is the first legal acknowledgement of a child’s existence and is essential for safeguarding their rights and privileges for now and in the future.

“It is the key to unlocking access to basic services such as education and healthcare, which are crucial for a child’s development and future.

“Accurate birth registration is vital for national planning and development, as it provides the government with essential data to plan.

“By registering a child’s birth, families ensure that their children are recognised by the state, which is the first step in protecting them from abuse, exploitation, and statelessness,” he said.

The state director urged parents and guardians to visit the nearest NPC registration centres to register their children.

On his part, the State Director of NPC in Gombe State, Mr. Jude Maigari, said success in birth registration remained a collective efforts of all stakeholders, hence called for all shareholders’ support in this regard.

Maigari said the process was simple and free, requiring only supporting documents such as an immunisation card or an existing birth certificate of a parent or guardian.
He said during registration, every child aged 0-5 years would receive a NIN upon face capturing and birth registration.

He appealed to all traditional, religious and community leaders to drive the exercise in their communities, noting that the civic exercise would impact positively on the wellbeing of their people going forward.

On his part, Alhaji Usman Shettima, district head of Nasarawo and overseeing district head of Gombe pledged to support the drive for the benefits of the people.

Shettima appealed to leaders at the grassroots to ensure that their communities participate in the process.

Continue Reading
Advertisement

Trending

Verified by MonsterInsights