FG releases N100bn Sukuk bond proceeds for 25 road projects

ABUJA-The federal government has released the Sukuk bond proceeds from N100 million dollars to 25 key economic highway projects of the Federal Ministry of Power, Works and Housing throughout the country.

The Honorable Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola; Honorable Minister of Finance, Ms. Kemi Adeosun and Permanent Secretary of the Ministry of Power, Works and Housing, Engr. AG. Magaji, during the presentation of N100billion Sovereign Sukuk Bond proceeds check by the Minister of Finance on Thursday, October 5, 2017 in the Conference Room of the Federal Ministry of Power, Works and Housing, Abuja.



Minister of Finance, Ms. Kemi Adeosun, yesterday in Abuja, handed over the N100 billion income check to the Minister of Power, Works and Housing, Mr. Babatunde Fashola.
The Government had issued the Sovereign Sukuk debut of N100 million in September 2017, which was successfully completed last week. The Sukuk bonus has a tenor of seven years. Adeosun, who revealed that the offer was over-subscribed to the sum of N105.87 million, said the milestone was a sign of confidence in the economy and administration of President Muhammadu Buhari, adding that Sukuk products would unlock the potential of Nigeria. In his comments, Fashola congratulated the Minister of Finance, Director General of the Office of Debt Management, Ms. Patience Oniha, and financial advisors for the issuance of bonds for their meticulous efforts in achieving the milestone. Fashola assured ministry contractors that the Federal Government was committed to financing its infrastructure projects across the country. The contractor's representative, Mousa Nahkia, expressed the gratitude of the contractors to President Muhammadu Buhari and the two ministers for working day and night to make development happen. "No one can hide our smiles today (yesterday), we believe in this country and its economy. This is really a great development and achievement," he said.

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