FG Commits N362.557 billion To Funding Key Road Projects Through Sukuk

*N250 billion Symbolic Cheque Presented To Implementing Ministries.

The Federal Government has dedicated, via the Federal Ministry of Works and Housing (FMWH), a complete sum of N362.557 billion from 2017 up to now to the funding of key street initiatives via Sukuk, in keeping with Mrs. Zainab Ahmed, Honourable Minister of Finance, Budget and National Planning.

In her remarks on the latest symbolic cheque presentation ceremony of 2021 sovereign sukuk problem proceeds of N250 billion to the implementing ministries in Abuja, Mrs. Ahmed famous that the symbolic cheque presentation ceremony, which began in 2017, is the fourth within the sequence.

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“So far, we have committed, through the Federal Ministry of Works and Housing (FMWH), a total sum of N362.557 billion from 2017 to date to the funding of key road projects through Sukuk,” she mentioned.

“In view of the numerous milestones recorded in using Sukuk funds to reconstruct and rehabilitate our street infrastructure, which proof is seen for all to see, the federal government determined to include different Ministries with essential street initiatives into the Sukuk funding construction.

“Today, we’ve got the Federal Capital Territory Administration (FCTA) and Ministry of Niger Delta Affairs (MNDA) becoming a member of us.

According to her, the three Ministries (FMWH, FCTA and MNDA) can be sharing the Sukuk Issue Proceeds of N250 billion, which was efficiently issued by the Debt Management Office (DMO) on behalf of the federal authorities on December 29, 2021 as follows: FMW&H – N210,565,000,000.00; FCTA – N29,000,000,000.00; and MNDA – N10,435,000,000.00.

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“The 2021 N250 billion can be launched as a part of the capital expenditure within the 2021 Appropriation Act, which has been prolonged by the National Assembly to March 31, 2022.

“As at November 2021, N3.40 trillion had been expended for capital, which represents over 74 % efficiency when in comparison with the entire capital funds of N4.569 trillion. Out of the N3.40 trillion so launched, N2.98 trillion represents 83 % of the availability for ministries, departments and businesses (MDAs’) capital, N369.9 billion for multi-lateral/bilateral project-tied loans, and N49.52 billion as authorities owned enterprises (GOEs) capital expenditure.

The authorities, in keeping with her, will proceed to prioritise spending on essential infrastructure in an effort to maintain the momentum on gross home product (GDP) progress. As it’s possible you’ll bear in mind, the GDP is projected to develop by 4.20 % in 2022. This can solely be doable via regular improve in spending on essential infrastructure, corresponding to roads.

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Mrs. Ahmed congratulated the DMO for the introduction of the Sovereign Sukuk and for the successes recorded in elevating the funds via the product, which now stands at a complete sum of N612.557 billion.

Yunusa Tanko Abdullahi,
Special Adviser, Media & Communications to the Hon Minister.
third February, 2022.