The Federal Government (FG) has disclosed that it has spent around N613 billion raised via Sovereign Sukuk loan between 2017 and 2021 for the construction and repair of 77 road projects and 23 bridges across the country. This disclosure was made on Monday by Zainab Ahmed, the Minister of Finance, Budget and National planning during the cheque presentation ceremony of the 2022 Sovereign Sukuk Issue proceeds of N130bn to the Federal Ministry of Works and Housing (FMWH) and the Federal Capital Territory Administration (FCTA).
According to her, 71 road projects and 4 bridges were under the jurisdiction of the Ministry of Works and Housing while 6 road projects and 19 bridges were under the purview of FCTA.
She said, “The FMWH and FCTA will be sharing the 2022 Sukuk Issue Proceeds of N130bn, which was successfully issued by the Debt Management Office on behalf of the Federal Government of Nigeria on December 02, 2022, as follows: Federal Ministry of Works and Housing – N110bn and FCTA – N30bn.
“The 2022 Sovereign Sukuk of N130bn will be released as part of the Capital Expenditure in the 2022 Appropriation Act, which has been extended by the National Assembly to March 31, 2023.”
She further stated that the Sukuk initiative has been vital in improving critical road infrastructure across the country.
