The Debt Management Office (DMO) Friday announced the result of the third Sovereign Sukuk for which it offered N150 billion to investors.
In a statement, DMO said the offer attracted a high level of subscription from investors with total subscriptions of N669.124 billion, representing a subscription level of 446 per cent.
“The impressive demand for the Sukuk came from a wide range of investors which included ethical funds, insurance companies, fund managers and retail investors.
“This participation by a wide range of investors is in line with the DMO’s objectives of diversifying the investor base for government securities and promoting financial inclusion.
“The issuance of the third Sovereign Sukuk, which followed the debut issuance of N100 billion in September 2017 and the second issuance of another N100 billion in December 2018, is based on the DMO’s commitment to using borrowed funds to finance infrastructure.”
ALSO READ: Air-conditioned vehicles and covid-19
The statement explained that Sukuk issuances are project-tied and are used to finance specific projects which are disclosed to investors.
The agency allotted N162.557 billion to investors in the third Sovereign Sukuk.
The proceeds of the issuance will be used to finance 44 critical Road Projects across the six geopolitical zones.
“The benefits from the earlier Sukuk issuances, which were also used to finance roads, include improved safety on the roads, faster travel times, access to markets for farm produce and opening up parts of the country for development.
“Other important benefits of using Sukuk to finance road projects are job creation and increased level of activity for service providers, many of whom are small businesses.
“The DMO expects to continue to raise funds through Sukuk to support improvement in infrastructure and development of the domestic capital market.”
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
President Buhari’s Full Democracy Day Speech
Fellow Nigerians,The 2020 celebration of Democracy Day marks 21 years of uninterrupted civil administration in our dear country. This day provides us an opportunity to reflect on our journey as a nation, our achievements and struggles.
It is a day to honour our founding fathers who toiled to establish our republic and every Nigerian who has worked tirelessly to sustain it… Read full story
Democracy Day: NADECO lists 12 conditions to unity, peace •Insists on return to federalism
TWENTY-ONE years after it led the struggle that culminated in the restoration of civil rule, the National Democratic Coalition (NADECO) on Thursday declared that Nigeria remained in dire straits. Accordingly, it listed about 12 fundamental conditions, including a return to federalism, coupled with the convocation… Read full story
Governance: Our best not good enough since 1999 —Atiku
EFFORTS by Nigerian leaders to govern the country rightly since 1999 have not been “good enough to improve on the lives of the citizenry and grow the nation in all facets of development needs,” former vice president, Alhaji Atiku Abubakar, has said… Read full story
ASUU Challenges FG To Provide Proofs It Saved Money Through IPPIS
The Academic Staff Union of Universities (ASUU) has again challenged the Federal Government to present to the public a verifiable proof that it has saved huge amounts of money through its newly introduced Integrated Personnel and Payroll Information System (IPPIS) for workers… Read full story
Reps Increase 2020 Budget From N10.805trn To N10.810trn
The House of Representatives on Thursday passed a resolution to increase the revised 2020 budget from N10.806 trillion to N10.810 trillion. The resolution was passed after the adoption of a debate on the motion sponsored by the chairman, House Committee on Finance, Hon Abiodun Faleke, who underscored… Read full story
COVID-19: Reject Patients, Have Your License Withdrawn, FG Threatens Medical Doctors
The Federal Government on Thursday threatened to withdraw licenses of medical doctors who deliberately reject and turn back patients from their hospital without attending to them or offering necessary advice on what to do. Describing it as unethical and unacceptable, the Minister of Health, Dr Osagie Ehanire, while speaking… Read full story
Reopen Schools For SS3 Students First, Proprietor Tells FG, WAEC
A school administrator and principal of Adesina College, Ibadan, Mr Adejare Adesina, has advised the Federal Government to liaise with the West African Examination Council (WAEC) and other West African countries that subscribe to the council’s examinations to reopen schools for all the Senior… Read full story
COVID-19 Lockdowns Deny 500m Children Access To Education ― IMF
Over 500 million children all over the world have lost access to education as a result of the lockdown occasioned by the COVID-19 pandemic, the International Monetary Fund (IMF) said on Thursday. The IMF Managing Director, Kristalina Georgieva, said in a statement that “More than half a billion children worldwide have… Read full story
Nigeria Is 3rd Worst Country On Child Marriage Index
United Nations Children Fund (UNICEF) has said that with a figure of 3.5 million, Nigeria has the third-highest absolute number of child brides in the world and the 11th highest prevalence rate of child marriage globally. Tribune Online reports that only Bangladesh with 4.4 million and India with 15.5 million child brides are… Read full story
Anxiety Over More Deaths, Rising Cases Of COVID-19 In Nigeria
THE geometric rise in the number of confirmed cases of COVID-19 and the increasing casualties arising from the infection have continued to raise concerns among Nigerians. The deadly virus is still running riot despite concerted efforts to curtail it, crippling many facets of the economy as it passes the first 100 days of… Read full story
Senate Threatens To Issue Warrant Of Arrest On Heads Of MDAs
The Senate has threatened to issue warrants of arrest on some ministries department and agencies of government over failure to appear before it and respond to queries by the Auditor General of the Federation. Tribune Online reports that the threat follows the refusal of the agencies of government to honour the invitation of… Read full story
June 12: A Milestone For Democracy – Tinubu
The election of June 12th 1993 changed Nigeria profoundly. That it would have this deep and positive effect was not always certain. Many people laboured, struggled and sacrificed for democracy. They fought not that we would have democracy day but that Nigeria might exist as a democracy every day. When I say democracy… Read full story
EDITORIAL: Defence Minister’s Lamentation
THE Minister of Defence, Bashir Magashi, has lamented that Nigeria’s military is too understaffed and underfunded to tackle the various security challenges facing the country. He made this lamentation while briefing journalists after a Federal Executive Council (FEC) meeting where he said he had made a presentation on… Read full story