Sukuk bond: Details of road projects to benefit from N100 billion

-The 25 roads to benefit from federal government’s sukuk bond proceeds revealed.

Nigeria’s minister of finance, Kemi Adeosun, on Thursday, presented a N100 billion cheque to his counterpart in the works, power and housing ministry, Babatunde Raji Fashola.

The N100 billion represents proceeds from the federal government’s  Sukuk bonds subscription, which according to the finance minister, will be used to repair some strategic roads across the country.

She also said the proceeds “is about financial inclusion” and deepening of the country’s financial markets.

“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 geo-political zones of the country,” the finance minister said.

“The roads will ease commuting, spur economic activities across the country and further close our infrastructural gap. Each of the six geo-political zones is expected to receive the sum of N16.67 billion for road projects in their respective zones.

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“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.”

The specific roads the money will be used on where however, not disclosed during the presentation ceremony.

But in a tweet on Sunday, BudgIT, revealed the roads, the amount that will be spent on them and the expected time reconstruction will be completed.

These 25 roads that the N100bn Sukuk bonds will fund. We will be tracking it. #AskQuestions

What other roads will you like to see? #RoadsNG pic.twitter.com/ST6Hh95FOh

— BudgIT Nigeria (@BudgITng) October 8, 2017