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Nigeria’s Works minister gets N162 bln Sukuk cheque, as finmin says road infrastructure improving

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Nigeria’s finance and budget minister, Zainab Ahmed on Monday said the government has been encouraged by the success recorded with regards to the improvements in road constructions across the country as a result of the deployment of proceeds from Sukuk bond issuance.
Ahmed stated this in Abuja while presenting a replica cheque to the tune of N162.557 billion to the minister of Works and Housing, Babatunde Fashola, which was the proceeds from the last Sukuk auction in June.
The minister said the country has seen “improvements in road infrastructure across the six geo-political zones with the intervention of this special funding.”
According to the minister, “Besides the fact that the evidence of the use of proceeds by way of works done are there for all to see, the comments and feedback received from commuters, transporters, businesses & investors & other well meaning Nigerians have been heartwarming.
She said the President Mohammadu Buhari’s government is of the view that with the development of the Sukuk Funds, coupled with other capital releases and various interventions by the government, the economy will be on the path to economic development.
Ahmed said to boost economic growth and development, the government has prioritized capital expenditure on the development of roads, rail, power and agriculture infrastructure projects.
Nigeria has raised ₦162.557 billion from the issuance of its third Sovereign Sukuk in June as part of move to expand road constructions across the six geopolitical zones of the country.
So far, the country has raised a total of N362.56 billion through the issuance of the Islamic Sovereign Sukuk and deployed same to improve road infrastructure in the country.#GFD

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