The Debt Management Office (DMO) has raised N615.557 billion through Sukuk for the rehabilitation and construction of new roads across the country in four years.
The Director-General of DMO, Ms Patience Oniha, made this statement in her presentation titled: “Nigeria Public Debt – Some Considerations,” said that a total of N615.557 billion had been raised through Sukuk from September 2017 to December 2021.
Addressing Capital Market Correspondents Association of Nigeria in Lagos, she noted that N365.557 billion of the fund had been deployed for the construction of 1,881km of roads and six bridges.
“The last Sukuk issued in December 2021 targets 71 road projects,” Oniha said.
She listed some of Sukuk funded projects as the reconstruction of Bida-Lambata road in Niger State, rehabilitation of Lagos-Ota-Abeokuta road in Lagos and Ogun states and rehabilitation of Enugu-Port Harcourt road section III Enugu-Lokpanta, in Enugu State.
Others are the rehabilitation and reconstruction of Enugu-Port Harcourt dual carriageway section II Umuahia-Aba in Abia State and rehabilitation of Kano-Katsina road Phase I, Kano State, among others.
A Sukuk is an Islamic financial certificate that complies with Islamic religious law commonly known as Sharia.
It involves the means by which corporations or governments raise capital and the forms of investments that are made in accordance with Sharia.
