National News
FG Raises N130 billion Sukuk loan to build roads nationwide

FG Raises N130 billion Sukuk loan to build roads nationwide
By: Our Reporter
The Federal Government has shared N130 billion Sovereign Sukuk Issue Proceeds for construction of roads nationwide.
The loan is shared to both Ministry of Work (N120 billion) and the Ministry of Federal Capital Territory Administration (N10 billion) to build roads.
Presenting the dummy cheques to the Ministers of Works (Babatunde Fashola) and Minister of FCTA (Mohammed Bello, who was represented by a permanent secretary in the Ministry, Adesola Olusade), the Minister of Finance, Budget and National Planning, Dr. Zainab Shamsuna Ahmed, said the fund is for development of road infrastructure.
She said: “It is my pleasure to welcome you all to yet another historic day in the life of this administration to witness the public presentation of dummy Sovereign Sukuk Cheques to the Federal Ministry of Works and Housing and Federal Capital Territory Administration (FCTA)
“I am proud to say that the Issuance of Sovereign Sukuk, a project-tied debt instrument, is one of the many innovative and very successful initiatives of this administration towards financing the development of critical infrastructure in the country. The facts on how much the initiative has helped to improve road infrastructure across the country speak for themselves.”
Ahmed disclosed that: “As at date, this administration has invested the sum of N612.557 billion raised through Sovereign Sukuk between 2017 and 2021 for the construction and rehabilitation of key economic road projects in the six (6) geo-political zones and the Federal Capital Territory (FCT). In real terms, the amount has been used to construct and rehabilitate sections of 71 road projects covering 2,808.06 kilometers and 4 bridges by the FMWH and sections of six (6) road projects covering 99 kilometers and 19 bridges by the FCTA.”

She added that: “The FMWH and FCTA will be sharing the 2022 Sukuk Issue Proceeds of N130 billion, which was successfully issued by the Debt Management Office (DMO) on behalf of the Federal Government of Nigeria (FGN) on December 02, 2022.”
She noted that: “The 2022 Sovereign Sukuk of N130 billion will be released as part of the Capital Expenditure in the 2022 Appropriation Act, which has been extended by the National Assembly to March 31, 2023. As at November 2022, N1.88 trillion had been released as Capital Expenditure, which represents about 40% performance when compared to the total Capital Budget of N4.7 trillion. This informed the need to extend the period to implement the capital component of the 2022 Budget.”
“It is important to add that beside the immense contributions of Sukuk to the funding of critical road infrastructure, the objectives of deepening the domestic capital market and financial inclusion are being achieved by the Government. The private sector and sub-nationals have begun to embrace the instrument and I look forward to seeing more issuances in this regard as this will provide additional asset class for the rapidly growing ethical investors and funds in the economy,” the Minister added.

On her part, the Director-General of the Debt Management Office, Ms. Patience Oniha said since the introduction of the scheme, an effort which led to the issuance of the first Sovereign Sukuk of N100 Billion in September, 2017, the DMO has issued Sukuk four more times bringing the total amount raised as at December 2022 to N742.56 billion.
She said: “From the Sukuk issued between 2017 and 2021, a total of N612.56 Billion was raised and deployed to the construction and rehabilitation of sections of seventy-one (71) roads and four (4) bridges covering a total of 2,820.06km. I wish to commend the implementing Ministries and their various contractors for supporting the DMO in this initiative. Not surprisingly, the two (2) Ministries are also beneficiaries of the N130 Billion 2022 Sovereign Sukuk, whose proceeds will be similarly deployed to road projects.”
She noted that: “The Debt Management Office (DMO) started the journey towards issuing a Sovereign Sukuk some years back, diligently working with experts to get the process and documentation right.
Through the Sovereign Sukuk initiative, the DMO has demonstrated its strong alignment with the policy of President Muhammadu Buhari, on infrastructural development.
“Furthermore, the DMO has positioned itself not only as an agency for managing the public debt including borrowing on behalf of the Federal Government, but as an active stakeholder in the domestic capital market through innovation, investor engagement and collaboration with other stakeholders. These have deepened the market, created benchmarks for other borrowers and promoted financial inclusion by providing a retail product, FGN Savings Bond, as well as, Sukuk and Green Bonds for ethical investors.”
She said that the DMO remained committed to its mandate and market development activities.
The Minister of Works said the nation though now complaining about the debt burden would be grateful in coming years on the assets which were acquired.
He said the roads constructed with the debt have added to improving the economy with creation of more jobs and improving the income of stakeholders.
FG Raises N130 billion Sukuk loan to build roads nationwide
National News
Sultan of Sokoto calls for proper understanding of jihad, says Islam abhors extremism

Sultan of Sokoto calls for proper understanding of jihad, says Islam abhors extremism
By: Zagazola Makama
The Sultan of Sokoto, Alhaji Sa’ad Abubakar III, has stressed the need for Nigerians to understand the true meaning of jihad, noting that it is not about violence but about striving for excellence in all spheres of life.
The Sultan stated this on Thursday in Abuja at the public presentation of “Scars: Nigeria’s Journey and the Boko Haram Conundrum,” a book authored by former Chief of Defence Staff, Gen. Lucky Irabor (rtd.).
He cautioned against misinterpretations of Islamic concepts, saying extremists and uninformed commentators had for decades wrongly associated jihad with terrorism and violence against non-Muslims.
“Jihad simply means striving — striving to be a better Muslim, a better Christian, a better citizen, and a better human being. It is not about killing anyone. Islam abhors extremism, and no true Muslim can claim to follow the teachings of the Prophet while embracing violence,” the Sultan said.
He explained that Islam, properly understood, promotes peaceful coexistence and good governance, adding that Islamic teachings have over the years helped shape Nigeria’s democratic journey by emphasising justice, accountability, and leadership responsibility.
According to him, Islamic institutions such as mosques, scholars, and traditional councils continue to play a stabilising role in the country by mediating conflicts, guiding leaders, and educating citizens on tolerance and civic duties.
“Islam is not about seizing power; it is about ensuring good governance and accountability in society. Our democracy has benefitted from these values because justice and fairness are principles rooted both in the Qur’an and in democratic practice,” he said.
The Sultan also called for stronger interfaith dialogue, stressing that Nigeria’s unity depends on mutual understanding between Christians and Muslims.
“If I know who you are, and you know who I am, we can live in peace. Understanding one another is the foundation for national security and stability,” he added.
He commended Gen. Irabor for writing the book, describing it as a timely resource that not only documents the scars of insurgency but also provides insights for policy, governance, and national healing.
The launch attracted dignitaries including former Presidents Olusegun Obasanjo and Goodluck Jonathan, the Minister of Defence, service chiefs, traditional rulers, senior military officers, and members of the diplomatic corps.
Sultan of Sokoto calls for proper understanding of jihad, says Islam abhors extremism
National News
Jonathan says Boko Haram insurgency too complex, calls for holistic solutions

Jonathan says Boko Haram insurgency too complex, calls for holistic solutions
By Hamza Suleiman
Former President Goodluck Jonathan has said that the Boko Haram insurgency remains one of the most complex and enduring security challenges in Nigeria’s history, warning that military action alone cannot end the crisis.
Jonathan stated this on Thursday in Abuja at the public presentation of Scars: Nigeria’s Journey and the Boko Haram Conundrum, authored by former Chief of Defence Staff, Gen. Lucky Irabor (rtd).
He said that unlike previous crises in Nigeria such as the Niger Delta militancy and ethno-religious violence, the Boko Haram insurgency carried deeper scars because of its external connections, extremist ideology, and advanced weaponry.
“Boko Haram is more complex than what many people imagine. At some point, their fighters had more ammunition than our soldiers, which clearly showed that external groups were deeply involved,” Jonathan said.
The former President noted that the abduction of the Chibok schoolgirls in 2014 remained one of the most painful scars of his administration, stressing that no form of cosmetic remedy could erase it from the nation’s collective memory.
He recalled his personal engagement with Niger Delta militants as Vice President, saying that his decision to personally visit their camps without armed escorts was borne out of the conviction that dialogue must complement military action.
“In the Niger Delta, I met the militants in their camps. We succeeded in restoring peace not only because of military action but because we engaged them, listened to them, and created opportunities for their communities. That approach worked,” he said.
Jonathan, however, emphasised that Boko Haram presented a different challenge. According to him, the insurgency must be tackled through a holistic strategy that combines security operations with good governance, poverty reduction, youth empowerment, and social justice.
He said: “We cannot treat Boko Haram simply as a law-and-order problem. It is rooted in poverty, exclusion, and broken dreams. Only a comprehensive approach will deliver lasting peace.”
According to him, Nigeria must adopt a similar approach to Boko Haram by tackling poverty, unemployment, and social exclusion in communities vulnerable to extremist recruitment.
He commended Gen. Irabor for documenting his reflections, saying the book would enrich national understanding of insurgency and guide future leaders in shaping policy responses.
“Those who were directly involved must tell their stories. This book will help the nation understand what really happened, what lessons we must learn, and how we can do better in the future,” he added.
The event attracted dignitaries including former President Olusegun Obasanjo, former National Security Adviser Maj.-Gen. Babagana Monguno (rtd.), service chiefs, ministers, members of the diplomatic corps, and traditional rulers.
Jonathan says Boko Haram insurgency too complex, calls for holistic solutions
National News
Nigeria@65: FG’s programmes improving welfare of Nigerians- NOA

Nigeria@65: FG’s programmes improving welfare of Nigerians- NOA
The National Orientation Agency (NOA), on Wednesday said that the Federal Government’s programmes and policies under President Bola Tinubu-led administration were improving the welfare of Nigerians.
Mrs Adaline Patari, the State Director of NOA, Gombe State office, stated this shortly after a road show to mark Nigeria’s 65th Independence Day anniversary in Gombe.
Patari said that programmes and policies of Tinubu-led administration had supported many Nigerians from the student’s loan to conditional cash transfer to support to small businesses amongst others.
She stated that the initiatives by the present administration had restored hope and put the country amongst serious countries pursuing better reforms to improve their economy while revamping infrastructure.
According to her, many undergraduates benefitting from the student’s loan scheme which has removed all financial hindrances impeding access to tertiary education now feel a sense of belonging.
She said that the programmes and policies of the Federal Government have benefitted many households and improved their welfare in line with the Renewed Hope Agenda of President Tinubu.
“The reforms of the Federal Government are working and many persons are proud to be Nigerians and more persons are now trying to do the right things as Nigerians.
“People are beginning to see themselves as proud Nigerians and that confidence of being a Nigerian is being restored.
“Today, many Nigerians are benefitting from the programmes of the current administration, this means that the country is now working for them,” she said.
While acknowledging that there were still challenges that needed to be addressed, Patari said, at 65, we have made tremendous progress especially working together in peace and unity.
She urged Nigerians to continue to support Tinubu administration’s programmes towards building a better country that works for all Nigerians.
The state director said that with the necessary reforms being carried out and already yielding results in the economic, agriculture, security and other sectors, more Nigerians would be prouder to be Nigerians in the future.
“Today, the country is progressing and we are united; we are now prouder to be Nigerians and I can tell you that the labour of our heroes past, indeed is never in vain,” she added.
Commending the contributions of youths to national development, Patari urged them to have a positive mind-set towards Nigeria and to always express optimism of a better Nigeria for everyone.
Patari also lauded the renewed strength with which NOA under the Director General of the agency, Malam Lanre Issa-Onilu was being driven.
She said that government’s policies and programmes were getting more supports from Nigerians because of the constant engagements of Nigerians by the NOA nationwide.
The event also featured sensitisation of residents on Federal Government’s policies, programmes and the need for the people to support the current administration’s Renewed Hope Agenda
Nigeria@65: FG’s programmes improving welfare of Nigerians- NOA
-
News2 years ago
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions4 years ago
THE PLIGHT OF FARIDA
-
Opinions4 years ago
POLICE CHARGE ROOMS, A MINTING PRESS
-
News2 years ago
EYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Columns2 years ago
Army University Biu: There is certain interest, but certainly not from Borno.
-
ACADEMICS2 years ago
A History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
News6 months ago
FAILED COUP IN BURKINA FASO: HOW TRAORÉ NARROWLY ESCAPED ASSASSINATION PLOT AMID FOREIGN INTERFERENCE CLAIMS
-
Opinions2 years ago
Tinubu,Shettima: The epidemic of economic, insecurity in Nigeria