6 October 2017

Nigeria: Govt Releases N100bn Sukuk Bond Proceeds for 25 Road Projects

Abuja — The Federal Government has released the proceeds of the N100 billion Sukuk bond to 25 key economic road projects of the Federal Ministry of Power, Works and Housing across the country.

Minister of Finance, Mrs. Kemi Adeosun, yesterday in Abuja, handed over the N100 billion proceeds cheque to the Minister of Power, Works and Housing, Mr. Babatunde Fashola.

Government had issued the debut Sovereign Sukuk of N100 billion in September 2017, which was successfully completed last week. The Sukuk bond has a tenor of seven years.

Adeosun, who disclosed that the offer was oversubscribed to the tune of N105.87 billion, said the milestone was a sign of confidence on the economy and the administration of President Muhammadu Buhari, adding that the Sukuk proceeds would unlock the potentials of Nigeria.

Earlier in his comments, Fashola commended the Finance Minister, Director-General of Debt Management Office, Ms. Patience Oniha, and the financial advisers for the bond issuance for their painstaking efforts in realising the milestone.

Fashola assured the ministry's contractors that the Federal Government was committed to the funding of its infrastructural projects across the country.

Representative of the contractors, Mousa Nahkia, expressed the contractors' gratitude to President Muhammadu Buhari and the two ministers for working day and night to make the development a reality.

"Nobody can hide our smiles today (yesterday), we believe in this country and its economy. This is really a great development and accomplishment," he said.

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