Home / Business and Economy / 3 federal ministries to benefit from 2021 Sukuk funds, says DMO

3 federal ministries to benefit from 2021 Sukuk funds, says DMO

Patience Oniha, DMO DG

By Kadiri Abdulrahman
Abuja, Dec.  21, 2021

The Debt Management Office (DMO) says its latest offer of N250 billion sovereign Sukuk, the fourth in the series, would be deployed to three benefitting ministries.

Director-General of the DMO, Patience Oniha, made this known on Monday in Abuja, at an investor meeting for the 2021 Sukuk.

Oniha said that the proceeds would go into upgrading some roads in the Federal Capital Territory (FCT) through the FCTA and the Niger Delta through the Ministry of Niger Delta Affairs.

She, however, added that a chunk of the proceeds would still go into upgrading critical road infrastructure across the country, through the Federal Ministry of Works and Housing.

“The funds would be used for economic roads identified by the Federal Ministry of Works and Housing, the FCTA and the Ministry of Niger Delta Affairs,” she said.

She urged Nigerians to take advantage of the opportunity to invest in the offer as it guaranteed good return on investment.

Oniha said that the last three Sukuk offers were oversubscribed, an indication that the model had become acceptable to Nigerians.

According to Oyeniyi Azeez, Director, Infrastructure Development in the Niger Delta ministry, the proceeds allotted to the ministry would be used to complete portions of the East-West Road, which cuts across the region.

“We are delighted to be part of this Sukuk funding,” he said.

Mr Yiltong David, Deputy Director, Highway Planning and Development, the Federal Ministry of Works and Housing, said that the Sukuk funds would assist the ministry complete some of its ongoing road projects.

“About ten roads will be completed next year.  The proceeds of this Sukuk are targeted at roads labelled A1 to A9.

“The Sukuk funding has been very helpful and if you travel across the country, the results of Sukuk are evident on our roads,” he said.

The News Agency of Nigeria (NAN) reports that the meeting provided an opportunity for interaction between the DMO, its financial advisers, the benefiting federal ministries and the issuing houses.

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