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HomeTop NewsNigeria raises N669 bln Sukuk bonds in 2-year, says Finance minister

Nigeria raises N669 bln Sukuk bonds in 2-year, says Finance minister

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Nigeria raised a total of N669 billion from the Nigerian capital market from the issuance of Sukuk Bonds in two years, according to the finance and budget minister, Zainab Ahmed.

Ahmed at a national workshop organised by the Chartered Institute of Stockbrokers (CIS) said the fund was raised between 2018 and 2020.

“The Federal Government through the DMO had raised up to N669 billion from the capital market through three different issuance of Sukuk Bonds.

“This financing was used to construct and rehabilitate more than 44 roads across the six geo-political zones of our country.

“Also worthy of note, is the offer for subscription of the Federal Government of Nigeria Savings Bonds of the DMO which has been executed successfully, bond issue after bond issue.

“What is pleasing to us, is that every time the DMO goes for bond issue, the bond are several times oversubscribed.

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“This shows the interest of the investing public in Nigeria putting their monies to support the Federal Government of Nigeria in bridging our infrastructure deficit gaps,’’ Ahmed said.

She said the government plans to issue fresh Eurobond from the international market in September to finance capital deficit.

“The Federal Government of Nigeria also has access to the international markets with a number of Eurobonds issuance to finance capital deficit and the next round of Eurobond issuance would be sometime in September this year.

“We will be going out to international capital market and already we have very positive indications to that regard,’’ she added.

Ahmed said that a cardinal focus of the ‘next level’ agenda of the current administration was to address infrastructural deficiencies/gaps and improve the living standard of the average Nigerian.

She said the Nigerian capital market has over the years provided access to significant long-term development capital to the federal government, other tiers of government and the private sector.

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