The federal government of Nigeria has successfully raised N1.092 trillion from the last sukuk series.
The Director General of the Debt Management Office , Patience Oniha revealed this information at the All parties meeting for the series VII sovereign Sukuk in Lagos on Wednesday
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She stated that the funds has been directed towards the construction and rehabilitation of 4, 100 kilometers of roads and about not 9 bridges across the country.
In 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.”
She disclosed that the projects have brought significant benefits to Nigerians across the country including; job opportunities, road safety, access to markets by local farmers and other public services along the lines of education and healthcare.
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The initiative is a sharia financial instrument that grants investors ownership rights in a specific asset, generating revenue through the asset’s use, rather than through interest payments.
