The Will Nigeria
February 03, (THEWILL) – The federal government has released the proceeds of the N250bn Sukuk Bond to three Ministries, Departments and Agencies for the implementation of capital projects contained in the 2021 budget.
The infrastructure projects are to be implemented by the Ministry of Works and Housing, Federal Capital Territory and Ministry of Niger Delta Affairs.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who released the fund on Thursday in Abuja, said the N250bn was part of the capital expenditure in the 2021 appropriation.
The symbolic cheque presentation was witnessed by the Minister of Works and Housing, Tunde Fashola; Minister of FCT, Mallam Mohammed Bello; and the Minister of Niger Delta Affairs, Senator Godswill Akpabio.
The National Assembly had extended the implementation of the capital component of the 2021 budget to March 31, 2022.
The Sukuk is a strategic initiative that supports the development of infrastructure, promotes financial inclusion and deepens the domestic securities market.
Since the establishment of the initiative in September 2017, the Debt Management Office had issued three Sovereign Sukuk in 2017, 2018 and 2020.
With the latest N250bn sukuk bond proceeds, the fourth in the series, the amount deployed to funding road projects from 2017 till date stood at N362.557bn.
The DMO had on December 29, 2021 raised the N250bn on behalf of the federal government for three ministries to…
