Patience Oniha, DG, Debt Management Office (DMO)
The Federal Government has raised N1.093 trillion through sovereign Sukuk issuances to fund the development of many road infrastructure projects across the country.
This was disclosed by Ms Patience Oniha, Director-General of Debt Management Office (DMO), on Monday during the investor meeting for the issuance of N300 billion Series VII Sovereign Sukuk in Abuja.
The Director-General of DMO pointed out that the amount represents proceeds realised from Sukuk issuances from 26th September 2017, when it was first issued in the country, to Sukuk VI on 13th October 2023.
Giving more details on the impact of Sukuk issuances, Ms Oniha said on 26th September 2017, N100 billion was realised from Sukuk I, and the money was deployed on 25 road projects and bridges measuring 482km across the six geopolitical zones, while N100.00 billion raised from Sukuk II on 28th December 2018 was used to construct 28 road projects and bridges measuring 643km across the six geopolitical zones.
According to her, the Federal Government raised N162.56 billion during Sukuk III issuance on 16th June 2020 to fix 44 road projects and bridges totalling 757km across the six geopolitical zones.
Similarly, the DMO Director-General said after the issuance of Sukuk IV on 29th December 2021, the sum of N250.00 billion was realised and the funds channelled into 72 road projects and bridges measuring 911km across the six geopolitical zones, and 6 road projects of 52km long in the Federal Capital Territory (FCT), Abuja.
She stated that the Federal Government issued Sukuk V on 02 December 2022, and raised N130.00 billion from the exercise, and used it on 63 major road projects measuring 680km across the six geopolitical zones, and 7 road projects totalling 51.73km in the Federal Capital Territory (FCT), Abuja.
Ms Oniha said after the issuance of Sukuk VI on 13th October 2023, the sum of N350.00 billion was raised and used to activate ongoing works on 82 sections of road projects and bridges across the six geopolitical zones, and 14 road projects measuring 57km in the Federal Capital Territory (FCT), Abuja.
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