FG releases proceeds N100bn Sukuk for road projects to Fashola

FG releases proceeds N100bn Sukuk for road projects to Fashola

Ebun Francis || The federal government on Thursday handed over the proceeds of the N100bn Sukuk bond to the federal ministry of works and housing for the construction and rehabilitation of 25 road projects spread across the six geopolitical zones.

Kemi Adeosun, Nigeria’s minister of finance while handing the cheques to the minister of works and housing, Babatunde Fashola in a ceremony in Abuja said the proceeds will be used to support the implementation capital projects in 2017 budget.

Adeosun said, “The proceeds will be used to support government capital spending for 2017 – the construction and rehabilitation of 25 key economic roads across the six geo-political zones of the country.”

“The roads will ease commuting, spur economic activities across the country and further close our infrastructural gap.”Mrs. Adeosun promised to source more funds for the development of critical infrastructure in the country.

She promised to source more funds for the development of critical infrastructure in the country.

The Sukuk bond issued by the Federal in September was oversubscribed according to the minister, a development she said was a sign of confidence in the Nigerian government.

 

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