By

N100b Sukuk fund for roads


The Federal Government has decided to use the N100 billion Sovereign Sukuk bonds proceeds to construct 642.69 kilometres of roads across in Nigeria.



Naira

The cheque for the money was presented by the Finance minister, Zainab Ahmed, to Mr Babatunde Fashola, Minister of Power, Works and Housing on Thursday in Abuja.

Fashola said that the money was shared equally among the six geo-political zones, meaning that each geo-political zone would get N16.67 billion for the number of roads to be completed in them.

Giving a breakdown, he said that six roads would be constructed in the North Central, five in the North-East, four in the North-West, another four in the South-East, six in the South-South and three in the South-West.

Fashola said that the impact of Sukuk bond would be felt on nation building through job creation, growth and employment.

He also said that the Federal Government contractors would be the first beneficiaries, which would in turn trickle down to suppliers of building materials, artisans, miners and steel companies.

In addition, he said that the entire economy would benefit from it, as construction was a major driver of any economy.

The Minister of Finance, Mrs Zainab Ahmed, said that there was a significant increase in the level of participation of retail investors from about four per cent in 2017 Sukuk issuance to 17.3 per cent in 2018.

She said that this meant that the objective of financial inclusion and deepening of investor base of the Federal Government securities were gradually being achieved.

Ahmed clarified that the N100 billion Sukuk funds would be used to further support the government’s capital spending on road projects already captured in the 2018 budget.

Giving a breakdown of investors contribution to the funds raised, she said 40.69 per cent came from pension fund administrators, 17.5 per cent from Deposit Money Banks and 17.33 per cent from retail investors.

Also, she said that 11.65 per cent came from fund managers and non-bank financial institutions, 10.94 per cent from non-interest banks and 1.89 per cent of the fund came from other investors.

Also, the Director-General, Debt Management Office, Ms Patience Oniha, said that the N100 billion Sovereign Sukuk was a seven year bond and repayment would be due in 2025 at an interest rate of 15.74 per cent.

Some of the roads to benefit from the funds from the North Central include; the dualisation of Suleja-Minna road by Salini Construction Nigeria Limited.

In the North -East, the dualisation of Kano-Maiduguri road, linking Kano, Jigawa, Bauchi, Yobe and the contractor is Mothercat limited.

Similarly, in the North-West, the construction of Kaduna Eastern bypass would benefit from the funds and the project would be handled by Eksiogullari Nigeria Limited.

For the South-East, the rehabilitation of Enugu/Port Harcourt Road by CGC Nigeria Limited.

In the South-South, the dualisation of Yenegwe Road junction to Kolo/Otuoke to Bayelsa Palm by CCECC Nigeria Limited.

Finally, in the South-West Zone, the expansion of the Ibadan-Ilorin road by Reynolds construction company would benefit from the funds. (NAN)

Source:https://samueljackson12.blogspot.com/2019/01/n100b-sukuk-fund-for-roads-federal.html

Comments

Post a Comment

Popular posts from this blog

Prostitution; Nigerian Women At Growing Risk From Human Traffickers In Germany.

By
Image
According to InfoMigrants, Nigerian women are at growing risk from traffickers in Germany who exploit and engage them in prostitution. Read the full report below by InfoMigrants. The new prostitute protection law in Germany was meant to identify victims of human trafficking – most of them migrant women. More than 18 months after the law came into effect, thousands continue to be targeted for exploitation, and the risk for Nigerian women seems to be increasing. There are campervans parked by the roadside. Some have hearts painted on them, one says “girls, girls” in red letters. It’s an easy matter for someone to stop for a quick transaction in one of these Love-Mobiles – sex with one of the “girls” in exchange for the going rate. Prostitution is mainly legal in Germany, as are these mobile brothels. But many of the women in the business – including those working from the Love-Mobiles – are victims of illegal human trafficking. Most of the women are from Eastern Europe or Nige...
Read more

FULL TEXT: A sacrifice for our new political order – Ezekwesili

By
Image
“When the ACPN leadership approached me in a series of visits to appeal that I run for office on their platform, the party appeared to be a good fit. It was founded by some disgruntled PDP members some years ago, but when its prime founder decided to return to the PDP, a core of its membership refused to move back with him. I was told that they stayed back because of their opposition to the ways of the PDP. Considering my vocal disapproval of the PDP and the APC, I admired the ACPN’s decision to stand firm and refusal to be co-opted.” It has been an interesting one week since I made the tough but necessary decision to suspend my campaign for the presidency. I have been truly overwhelmed by the reactions to my announcement from Nigerians. Even in airports outside the country as I travelled last week, Nigerians walked up to me with questions, concerns, encouragement, and motivation. I also saw disappointment by some who had poured their hearts and hopes into actualising our mission ...
Read more

Update On Slay Queen Who Was Stripped Naked And Tortured Over Missing Phone.

By
Image
The League of Patriotic Lawyers has given Edo State Commissioner of Police, Mr. Olusegun Odumosu, 24 hours to unravel those behind the torture and insertion of pepper into a girl’s private part in Benin City over alleged stealing of a mobile phone.  Chairman of the platform and former Student Union President of the University of Benin, Mr. Abubakar Yesufu, who said this in a statement yesterday, also urged the state Director, Department of State Services, DSS, to be involved in the investigation. A video of the incident, seen by Vanguard yesterday, showed the girl being stripped naked by a group of people, who inserted pepper into her private parts for allegedly stealing a phone. The unidentified girl was heard crying and saying she didn’t steal any phone, while she was being humiliated by the crowd. Yesufu said: “The League of Patriotic Lawyers has given the Edo State Commissioner of Police 24 hours to arrest and commence prosecution of all the street urchins behind thi...
Read more