FG raises over N652bn in 6th Sovereign Sukuk

The federal government has received a total subscription of N652.827 billion for the N150 billion Sovereign Sukuk whose offer for Subscription closed on Thursday, October 11.

The subscription level, which is 435 percent of the amount offered (N150 billion), shows that the level of awareness of the product has increased and that investors are willing to support the financing of infrastructure. 

In response to this strong demand for the Sukuk, the Debt Management Office (DMO) has allocated N350 billion to the diverse investors who subscribed to the Sovereign Sukuk. 

The DMO stated that the N350 billion will be used to finance the construction and rehabilitation of roads and bridges across the six geopolitical zones and the Federal Capital Territory (FCT).

“The DMO remains committed to meeting the needs of investors while also supporting the development of the domestic capital market”, it further stated.

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