North-East, South-West get highest allocation in N162.5bn 2020 SUKUK funds for road projects

North-East and South-West got the highest allocation in the final N162.5billion SUKUK fund recently released by the Federal Government (FG) for road projects in the six geo-political zones of the country.

The approved sums for North-East and South-West are N30.5billion and N27billion respectively.

In a document obtained by the Nigerian Tribune, a total of eight road projects will be covered in the North-East with varying sums.

These are Kano-Maiduguri road(section, SHUARI- AZARE)N11billion, Kano-Maiduguri road section III, Azare-Potiskum N2billion, Kano-Maiduguri road (Section IV), Potiskum-Damaturu N4billion, Rehabilitation of Gwoza-Damboa-Goniri–Ngamdu, Borno State N3billion, Mayo Belwa-Jada-Ganye-Ganye-Tougo, Adamawa State N3billion, Construction of Ibi bridge N2billion and rehabilitation of Nguru-Gashua-Bayamari road, section II PhaseII, Yobe State N1.5billion.

While in the Southwest, a total of six roads are expected to be covered.

They are Construction of the outstanding sections of Benin-Ofosu-Ore-Ajebandele-Shagamu expressway phase III N4.5billion, pavement strengthening and asphalt overlay of Ajebandele-Ijebu Ode-Shagamu road Ogun state N4.5billion, Dualisation of Ibadan-Ilorin section II Oyo State N5billion, Rehabilitation and expansion of Lagos-Badagry expressway(Agbara junction-Nigeria/Benin Border, Lagos state N4.5billion, rehabilitation of the outer Marina road, Lagos N4billion and dualization of Lagos-Ota road, Lagos State N4.557billion.

Apart from the two geographical zones, the 2020 SUKU provision for North-Central, North-West, South-East and South-South are; N26.5billion, N26.5billion, N26billion and N26billion all respectively.

The Minister of Works and Housing, Babatunde Fashola last week, received a total of N162.5billion Sovereign Sukuk Symbolic Cheque for the construction of 44 road projects across the country.

The newly released sum makes it the final tranche of the total N462, 5577,000,000 raised by the Debt Management Office (DMO).



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