By Emma Ujah
LAGOS- The Federal Government has raised the sum of N1. 092 trillion from the last six series of Sukuk.
Director-General (DG) of the Debt Management Office (DMO), Patience Oniha, disclosed this at the All Parties Meeting for the Series VII Sovereign Sukuk in Lagos on Wednesday.
She disclosed that the proceeds of Sukuk, an ethical instrument deployed to bring in more investors into the bracket, have been used to construct or rehabilitate 4, 100 kilometres of roads and nine bridges, across the six geo-political zones of the country.
Her words, “We all would recall that the first Sovereign Sukuk was issued in September 2017. After extensive marketing, the offer, which was for N100 billion, with seven years tenor, received a total subscription of N105.878 billion, an early indication of the positive reception of the Sukuk.
“Following the modest success of the first Sukuk and the achievement record, from 2017 to December 2023 when the last Sukuk was issued, the DMO has raised a total of N1.092 trillion.
“With this amount, over 4, 100 kilometres of roads and nine bridges across the six Geopolitical zones in Nigeria and the the Federal Capital Territory have either been constructed or rehabilitated.”
Ms Oniha added that the projects have brought substantial benefits to Nigerians including reduced travel time, improved road safety, job creation, access to markets by remote farmers, increased access to essential public services like education and healthcare as well as economic development as a whole.
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