SUKUK: FG Releases N100bn To 36 States

The sum of N16.67 billion each has been released to fund the construction and rehabilitation of 25 road projects across the six geo-political zones of the country.

Minister of Finance Mrs Kemi Adeosun on Thursday in Abuja handed over the cheque to the Minister of Power, Works and Housing, Babatunde Fashola.

Sukuk Bond with a tenor of seven years was oversubscribed to the tune of N105.87bn according to the Minister of Finance.

She said the milestone was a sign of confidence on the Nigerian economy and the administration of President Muhammadu Buhari.

Her words, “This is the first Sukuk Bond issuance in Nigeria. It is about financial inclusion and deepening of our financial market”.

She further stated that the roads will ease commuting, spur economic activities across the country and further close our infrastructural gap.

Five projects are to be carried out in the North central zone of the country.

These include: construction of loto Oweto bridge, dualisation of Abuja-Lokoja Road, dualization of Suleja-Minna road and dualisation of Lokoja-Benin road.

In the North East zone, four projects are to be carried out, including dualisation of Kano-Maiduguri road.

Four projects will be carried out in the North West zone. They include: dualisation of Kano-Maiduguri road, dualisation of Kano-Katsina road, construction of Kano western bypass and Kaduna eastern bypass.

Also, four projects will be carried out in the South East zone. They include: rehabilitation of the Onitsha-Enugu expressway and rehabilitation of Enugu-Port Harcourt road.

Five projects will be carried out in the south south zone; Rehabilitation of Enugu-Port Harcourt road, dualisation of Yenegwe road junction to Kolo-Otuoke Bayelsa palm and dualisation of Lokoja-Benin road.

In the South West zone, three projects are to be carried out. They include: Reconstruction of Benin-Ofosu to Ore-Ajebandele –Shagamu dual carriageway (Phase two and three) and dualisation of Ibadan-Ilorin road.