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Nigerian govt releases N100 billion Sukuk bond proceeds for 25 route projects

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The Federal Government on Th released the proceeds of the N100 billion Sukuk bond for 25 route projects across the country.

The Minister of Finance, Mrs. Kemi Adeosun, handed over the N100 billion proceeds banking enterprise fit to the Minister of Power, Works together with Housing, Mr. Babatunde Raji Fashola, inwards Abuja.

The federal authorities had issued the sovereign debut Sukuk of N100 billion inwards September, which was successfully completed terminal week.

The Sukuk bond has a tenor of vii years.

Adeosun said the offering was oversubscribed to the melody of N105.87 billion.

She besides said the milestone was a sign of confidence inwards the Nigerian economic scheme together with the management of President Muhammadu Buhari.

The government minister added that the Sukuk proceeds would unlock the potentials of Nigeria.

She said: “This is the kickoff Sukuk bond issuance for Nigeria. It is close fiscal inclusion together with deepening of our fiscal markets. The proceeds volition endure used to farther back upward authorities upper-case missive of the alphabet spending for 2017 – the structure together with rehabilitation of 25 cardinal economical roads across the 6 geo-political zones of the country.”

“The roads volition relaxation commuting, spur economical activities across the province together with farther unopen our infrastructural gap.”

“Each of the geo-political zones of the province is expected to have the amount of N16.67 billion for route projects inwards their respective zones.

The North Central together with South- South Zones accounted for 5 each of the 25 cardinal economical route projects, field the North East, North West together with South East accept 4 route projects each.

“Three projects are to have funding from the Sovereign Sukuk proceeds inwards the South West Zone.”

Earlier, Fashola commended the Finance Minister, the Director-General of Debt Management Office, Ms. Patience Oniha together with the fiscal advisers for the bond issuance for their painstaking efforts aimed at realising the milestone.

He assured the ministry’s contractors that the federal authorities was committed to the funding of its infrastructural projects across the country.

The illustration of the contractors, Mousa Nahkia, expressed the contractors’ gratitude to President Muhammadu Buhari, Mrs. Adeosun together with Mr. Fashola for “working twenty-four hours together with nighttime to brand this a reality”.

“Nobody tin shroud our smiles today, nosotros believe inwards this province together with its economy. This is actually a keen evolution together with accomplishment We actually desire to give thank y'all President Muhammadu Buhari, the Minister of Finance, Mrs. Kemi Adeosun together with the Minister of Power, Works together with Housing, Mr. Babatunde Fashola, for increasing our confidence inwards this province together with the federal government,” stated Mr. Nahkia, who is the Managing Director of RCC Construction Company.

Sumber http://www.adeolafayehun.com/

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