Business FG Hands Fashola N100bn For Construction of 25 Major Roads Across Nigeria

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LequteMan

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The Federal Government has released the debut Sovereign Sukuk of N100 billion to the Works ministry for the construction of major roads in Nigeria.

The bond, which was issued in September 2017, was successfully completed last week.

Nigeria's Finance Minister Kemi Adeosun on Thursday handed over the N100 billion proceeds cheque to Minister of Power, Works and Housing Babatunde Fashola.

Adeosun, who disclosed that the Offer was oversubscribed to the tune of N105.87 billion, said the milestone was a sign of confidence in the Nigerian economy and the administration of President Muhammadu Buhari.

“This is the first Sukuk bond issuance for Nigeria. It is about financial inclusion and deepening of our financial markets.

“The proceeds will be used to further support government capital spending for 2017 -the construction and rehabilitation of 25 key economic roads across the six geo-political zones of the country.

The North Central and South South Zones accounted for five each of the 25 key economic road projects while the North East, North West and South East have four road projects each. Three projects are to receive funding from the Sovereign Sukuk proceeds in the South West Zone.

Each of the six geo-political zones is expected to receive the sum of N16.67 billion for road projects in their respective zones.
 

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