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Sukuk bond: Fashola receives N100 billion from Adeosun

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-Minister of finance hands over N100 billion naira cheque to the Minister of works, power and housing.

-The cheque represents the profit from the federal government Sukuk bond.

-The proceed will be used for road repair projects across the country.

The minister of finance, Kemi Adeosun, has handed over the one hundred billion naira proceed of the federal government’s sukuk bond to the minister of works, power and housing, Babatunde Raji Fashola.

The offer period, which opened on September 14, closed on September 20. It was oversubscribed to the tune of N105.87 billion.

As earlier promised by the minister of finance, proceeds from the sukuk bond will be used for road repair projects across the country.

The N100 billion cheque was handed over to the minister of works, power and housing, Babatunde Fashola by the finance minister, Kemi Adeosun at an event in Abuja on Thursday.

“This is the first Sukuk bond issuance for Nigeria. It is about financial inclusion and deepening of our financial markets,” she said.

“The proceeds will be used to further support government capital spending for 2017 – the construction and rehabilitation of 25 key economic roads across the six geopolitical zones of the country.

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“The roads will ease commuting, spur economic activities across the country and further close our infrastructural gap.

“Each of the six geopolitical zones is expected to receive the sum of N16.67 billion for road projects in their respective zones.

“The north central and south-south zones accounted for five each of the 25 key economic road projects, while the north-east, north-west and south-east have four road projects each.

“Three projects are to receive funding from the Sovereign Sukuk proceeds in the south-west zone.”

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