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N100bn Sukuk Dedicated To Building Road Infrastructure – DMO

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BY BAYO AMODU, Abuja

The Debt Management Office (DMO) has said the N100 billion Sukuk (non-interest) it unveiled in a nationwide roadshow is dedicated to building critical road infrastructure in the country.

Director General of the DMO, Ms. Patience Oniha, alongside officials of the Federal Ministry of Power, Works and Housing, disclosed this to stakeholders during the roadshow in Lagos, Port Harcourt and Abuja.

The Sovereign Sukuk is an ethical based investment in which rent is based on the investment bi-annually and the principal sum paid at the end of the seven-year tenor.

Financial investors across the country have commended the federal government on the N100 billion Sukuk.

Oniha, at the various stops on the roadshow, assured potential investors that the Sukuk is backed by the full faith of the federal government and was one of the avenues at which it intends to raise funds for capital projects.

She said, “This is one of several efforts to raise funds for specific projects and this is backed by the full faith of the federal government. This is a rental product to cater for segment of our society that requires such services”.

The assistant director, Planning and Development of the Federal Ministry of Power, Works and Housing, Mr. Danlele Yila, listed 25 road projects spread across the six geo-political zones of the country which the N100 billion Sukuk capital will be used.

Some of the projects include the Loko-Oweto Bridge, dualization of a section of the Abuja-Lokoja road, dualization of the Suleja-Minna road as well as the Kano-Maiduguri road.

Others include dualization of the Kano-Katsina road (phase 1), rehabilitation of the Onitsha – Enugu Expressway, the Enugu-Port Harcourt road (section 1-3)  and the dualization of the Ibadan-Ilorin road (section 2).


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