FG to fund 53 road projects with N150bn Sukuk bond…
Written by City Radio on October 6, 2023
The Federal Government said it would use the net proceeds of its ongoing N150 billion Sukuk issuance to fund some 53 road projects across the country.
Director General, Debt Management Office Ms. Patience Oniha disclosed this at an investors’ forum on Thursday in Abuja, saying the 53 roads cover more than 3,000km.
She said the tolls collected from the roads will be used to repay the Sukuk. Sukuk is a non-interest, asset-backed bond that is based on the principles of Islamic finance.
Oniha said the federal government remains committed to value-driven borrowing through project-focused Sukuk, which has contributed to visible road and bridge projects.
Recognizing infrastructure’s pivotal role in economic growth, she stated, “infrastructure is an enabler of economic development.”
She expressed optimism that the N150 billion Sukuk would be oversubscribed, noting that the extra funds that may be realised will be used for available projects.
CityRadio 89.7FM