Sukuk fund: FG releases final payment of N162bn for 44 road projects

July 20, 2020

The Federal Government (FG) on Monday, released a total sum of N162, 557,000,000 Sovereign Sukuk Symbolic Cheque to the Ministry of Works and Housing for the construction of 44 road projects across the country.

This makes it the final batch of payments of the total N462,5577,000,000 raised by the Debt Management Office (DMO).

It said that the projects span across the six geo-political zones in the country.

The Minister of Works and Housing, Babatunde Fashola, who received the cheque, presented to him by the Minister of Finance, Mrs Zainab Ahmed said each geopolitical zone has ten road projects to be financed under the Sukuk fund.

While giving a breakdown of the sum allocated to each zone, he said: “North Central N26.5b, North East N30.5bn, North West N26.5bn, Southeast N26bn, South-South N26bn and South-West N27.05bn.”

On the recent public debate on government borrowings and concerns raised by Nigerians, Fashola explained that the Sukuk projects distribution will give an idea of government’s spendings.

He added that: “President Muhammadu Buhari has been legitimately distributing wealth through investment in road infrastructure and the 100 million Nigerians he would take out of poverty in a decade would be achieved.”

Earlier, the Minister of Finance said one of the key pillars of the Economic Recovery and Growth Plan (ERGP), is the development of critical infrastructure projects with a view to removing the impediments to growth and development in the economy.

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She explained that the President, through the annual budgets, had prioritized capital expenditure on the development of roads, rail, power and agriculture infrastructure projects.

According to her, the amount released signified the 100 per cent full deployment of the total amount raised by the Debt Management Office (DMO), dedicated to road projects.

On her part, the Director-General Debt Management Office (DMO), Dr Patience Monica also explained that the released sum was the third and final release of the SUKUK secured financing for road projects out of the total N462, 5577,000,000 raised by the DMO.

Responding on behalf of the Contractors, the Managing Director of Reynolds Construction Company, (RCC) Nigeria Limited, Engr. Nabeel Esawi commended efforts of the government in promoting road financing through SUKUK.

He assured that with the positive funding development, contractors would take full advantage of the coming dry season to achieve more and recover the time they had lost as a result of COVID 19 lockdown.

“SUKUK is gradually changing the face of Nigerian roads to the better. Our Bulldozers and Machinery will speak for us” he added.


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