The federal government has, through the Sovereign Sukuk Bond which debuted in 2017, successfully raised N1.09 trillion, the Debt Management Office (DMO) has disclosed.
The Sukuk Funds have been deployed towards funding critical infrastructure projects such as road, bridges across the country.
Speaking on Wednesday in Lagos during “an all-parties meeting” for the issuance of the seventh series of the Sovereign Sukuk, Director-General of the DMO, Patience Oniha, disclosed that the latest series of approximately N300 billion would be channeled to finance capital projects.
She said, “We recall that the first Sukuk was issued in September 2017. After extensive marketing, the offer, which was for N100 billion with a tenor of seven years, received a total subscription of N105.878 billion.
“Following the modest success of the first Sukuk and the achievement recorded from September 2017 to December 2023, the DMO has raised a total of N1.09 trillion.
“With this amount, over 4,100 km of roads and nine bridges across Nigeria’s six geopolitical zones and the Federal Capital Territory have either been constructed or rehabilitated.”
