The Federal Government has successfully raised a total of ₦1.092 trillion through its last six issuances of Sovereign Sukuk bonds.
The Director-General of the Debt Management Office (DMO), Ms. Patience Oniha, made this announcement during the All Parties Meeting for the Series VII Sovereign Sukuk in Lagos on Wednesday.
She highlighted that the proceeds from the Sukuk—an ethical financial instrument designed to attract a broader range of investors—have been allocated toward the construction and rehabilitation of 4,100 kilometers of roads and nine bridges across Nigeria’s six geo-political zones.
She said, “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.”
Ms Oniha added that the projects have brought substantial benefits to Nigerians including reduced travel time, improved road safety, job creation, access to markets by remote farmers, increased access to essential public services like education and healthcare as well as economic development as a whole.
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