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N250bn Sukuk Proceeds to Form Part of 2021 Capital Funding, Says FG

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N250bn Sukuk Proceeds to Form Part of 2021 Capital Funding, Says FG

N250bn Sukuk Proceeds to Form Part of 2021 Capital Funding, Says FG

By: Michael Mike

The lProceeds of the N250 billion Sovereign Sukuk issued last December by the Debt Management Office (DMO) would be released as part of the 2021 capital expenditure, the federal government on Thursday revealed.

Speaking at the symbolic cheque presentation ceremony of the N250 billion Sukuk proceeds to the implementing ministries, The Minister of Finance,  Budget and National Planning, Mrs. Zainab Ahmed said this is in line with the Appropriation Act,  which  had  been  extended to March 31, 2022 by  the  National  Assembly.

The Minister also disclosed that a total of N3.4 trillion had been released for capital projects as of November 2021.

She said that since the emergence of Sukuk as a financing window for infrastructure in September 2017, a total of N362.557  billion had been released to  the Federal Ministry of Works and Housing to fund  key road projects.

The Minister said in view of the significant milestones recorded in the use of Sukuk funds in the reconstruction and  rehabilitation of road infrastructure, with visible  evidence, the government decided to incorporate other ministries with critical road projects into the Sukuk funding structure. 

She said: “Today, we have the Federal Capital Territory Administration (FCTA) and Ministry of Niger Delta Affairs (MNDA) joining us. 

“The three ministries (FMWH, FCTA and MNDA) will be sharing the Sukuk issue proceeds of N250 billion, which was successfully issued by the Debt Management Office (DMO) on behalf of the Federal Government of Nigeria on December 29, 202.”

According to her: The N250 billion gives the Federal Ministry of Works and Housing  N210,565,000,000.00; Federal Capital Territory Administration (FCTA), N29,000,000,000.00; and the Ministry of Niger Delta Affairs, N10,435,000,000.00.

On the performance of the 2021 budget  Ahmed noted that as of November  2021, N3.4 trillion  had  been  expended on capital projects,  which  represents over  74 per cent  performance  when  compared  to  the  total capital budget of N4.569 trillion. 

She said out of the released  N3.4 trillion, N2.98 trillion represents  83 per cent  of  the  provision  for  ministries, departments and agencies (MDAs’)  capital, N369.9  billion for  Multi-lateral/Bilateral Project-tied loans, and N49.52 billion as Government Owned Enterprises (GOEs) capital expenditure.

The Minister while assuring that the  government would continue to prioritise spending on critical infrastructure in order to sustain the momentum on gross domestic product (GDP), she noted that the 4.2 per cent projected growth in 2022 can only be possible through steady increase in spending on critical infrastructure, such as roads. 

Also Read: U.S Court postpones Hushpuppi’s $24 million fraud sentence…

Ahmed said: “I wish to congratulate the DMO for the introduction of the Sovereign Sukuk and for the successes recorded in raising the funds through the product, which now stands at a total sum of N612.557 billion,” the minister said.

In her remarks, the Director General, DMO, Ms. Patience Oniha expressed delight that since the debut N100 billion over Sukuk in September 2017, the DMO had issued three more, getting better each time and bringing the total amount so far raised through the Sukuk  window to N612 557 billion.

Oniha noted that the introduction of Sukuk as a source of raising funds for the government has improved road infrastructure across the six geo-political zones.

According to her, the acceptance of Sukuk by investors and the verifiable evidence of its benefits had encouraged some state governments and institutions to raise funds through Sukuk issuance.

Oniha on the last Sukuk issued in  December 29, 2021 said the level of investor interest in the product was evident from the subscription of over N865 billion received from diverse investors for the N250 billion offered.

Also speaking at the event, the Minister of Works and Housing, Babatunde Fashola highlighted some of the results achieved with the proceeds of Sukuk since its debut in 2017.

He said the first Sukuk of N100 billion was deployed to 25 roads with a total  delivery of 482 kilometers of roads across the country, while the second Sukuk in 2018 of the same amount was deployed to 28 roads and delivered a total of 683 kilometers of roads.

The minister added that the third Sukuk issued in 2020 for N162 billion was deployed to 44 roads with a total of 757 kilometers of roads delivered. 

Fashola however noted that: “Many of the roads have been awarded before we came and it was not funded. And each year Sukuk commits to milestone kilometers you must deliver with this money and the managers with the consultants and our people go to sites to monitor and verify before payment is made. 

“But another impact of it is that it has helped to create consistent employment for 97 construction and contracting companies who are keeping people at work. We are demanding supply and diesel, bitumen, asphalt, concrete and that is how the money is moving round the economy.”

Ministers from the two other implementing ministries of the N250 billion Sukuk proceeds, the FCT Minister, Mohammed Bello and his Niger Delta Affairs counterpart, Senator Godswill Akpabio were at the event.

N250bn Sukuk Proceeds to Form Part of 2021 Capital Funding, Says FG

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VP Shettima Mourns Late Alhaji Aminu Dantata, Says Nigeria Has Lost An Irreplaceable Institution

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VP Shettima Mourns Late Alhaji Aminu Dantata, Says Nigeria Has Lost An Irreplaceable Institution

By: Michael Mike

Vice President Kashim Shettima has expressed deep grief over the passing of prominent Nigerian businessman and philanthropist, Alhaji Aminu Alhassan Dantata, saying the nation has lost an irreplaceable institution.

The late Dantata, an uncle of Africa’s richest man, Alhaji Aliko Dangote, passed away at the age of 94 in Abu Dhabi in the early hours of Saturday in the United Arab Emirates (UAE), according to Mustapha Abdullahi Junaid, his Personal Private Secretary (PPS), who confirmed the death.

In a condolence message, Vice President Shettima praised the late businessman for his lifetime of service, describing him as “a living bridge that connected us to our past.

“We have not just lost a leader; we have lost an irreplaceable institution,” Senator Shettima said, describing Dantata as “one of the greatest titans in Nigeria’s philosophical history” whose departure marks the end of a vital chapter in the country’s economic and democratic evolution.

“In African tradition, when such an elderly person transitions, a vital chapter of our history departs with them. He was indeed among the great titans, a living bridge that connected us to our past,” VP Shettima added.

The Vice President extended heartfelt condolences to the Dantata family, expressing hopes that they would “find the fortitude to bear this irreparable loss,” even as he prayed that Almighty Allah would grant the deceased Jannatul Firdaus.

Born into the legendary Dantata family of Kano, Alhaji Aminu built on his father’s commercial legacy to become one of Nigeria’s most influential business figures. His empire spans construction, manufacturing, banking, agriculture, and the oil and gas sectors.

Beyond business, Dantata was renowned for his extensive philanthropic work, funding schools, mosques, health centres, and supporting widows and the underprivileged across Nigeria.

VP Shettima Mourns Late Alhaji Aminu Dantata, Says Nigeria Has Lost An Irreplaceable Institution

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Nigeria-EU Senior Officials Meet in Abuja to Prepare for Upcoming Nigeria – EU Ministerial Meeting

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Nigeria-EU Senior Officials Meet in Abuja to Prepare for Upcoming Nigeria – EU Ministerial Meeting

By: Michael Mike

The Senior Officials Meeting between Nigeria and the European Union (EU) will be held on Tuesday 1st and Wednesday 2nd July 2025 in Abuja to prepare for the upcoming Nigeria – EU Ministerial Meeting and to explore areas of cooperation.

A statement on Saturday by the Press Officer, EU Delegation to Nigeria and ECOWAS, Modestus Chukwulaka, read: “The Delegation of European Union to Nigeria and ECOWAS wishes to inform that the Senior Officials Meeting between the Federal Republic of Nigeria and the European Union (EU) will be held on Tuesday 1st and Wednesday 2nd July 2025 in Abuja.

“The agenda of the very important meeting is to prepare for the upcoming Nigeria – EU Ministerial Meeting and to explore areas of cooperation.”

According to the statement, the Senior Officials Meeting will be co-chaired by the Regions, Ministry of Foreign Affairs, Nigeria, Ambassador Janet Olisa, Director, and the Deputy Managing Director for Africa Department, European External Action Service, European Union, Mr Mathieu Briens.

The statement revealed that the agenda of the meeting is expected to entail wide-ranging discussions that would focus on various aspects of the Nigeria – EU partnership, such as: Cooperation on multilateral and regional issues; Peace, Security and Governance; Humanitarian situation; Trade and Investment; Human Development: Health, Education, Social Protection; Science, technology, innovation and digital transition; Migration; Energy, climate change and green economy transition among others.

Nigeria and the European Union share a deep, long-standing partnership inspired by mutual values and interests as well as support for multilateralism and rule-based international order, the statement said.

Nigeria-EU Senior Officials Meet in Abuja to Prepare for Upcoming Nigeria – EU Ministerial Meeting

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Farida Waziri Tasks Benue Leaders to Unite, Act and Save Their People

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Farida Waziri Tasks Benue Leaders to Unite, Act and Save Their People


…. Donates relief materials to displaced persons in Yelwata, IDP camp

By: Michael Mike

Former Executive Chairman of the Economic and Financial Crimes Commission, (EFCC), Mrs. Farida Waziri has charged former governors, legislators, traditional rulers and other stakeholders in Benue state to set aside rivalry, unite and act with urgency to save their people from incessant attacks and killings.

Waziri, a retired Assistant Inspector General of Police and Principal Partner, Brookfield Chambers Abuja stated this on Saturday 28th June 2025 while donating relief materials to victims of the recent gunmen attacks in Yelwata community and displaced persons at the internally displaced persons (IDP) camp in Makurdi, the Benue state capital.

Some of the items donated under the banner of Women, Youth, Children and Crime Organisation (WYCCO), a non-governmental organization founded by her, include: bags of rice, sugar, tubers of yam and other household items.

She said: “This is no time for division. It is no time for political squabbling or ego-driven manoeuvring. Among us are men and women who have led this state — former governors, legislators, traditional rulers — individuals with influence and authority. The time has come to set aside our differences and stand united, for the sake of the ordinary Benue man, woman, and child.

“That is why I stand here today to make this urgent and heartfelt appeal to our leaders: cast aside rivalry, unite, and act. Act with urgency. Act with purpose. Because what we face now increasingly resembles a deliberate, coordinated effort to erase our people and our heritage.

“We must take heed of the words of Sir Winston Churchill, who once said:
‘Our difficulties and dangers will not be removed by closing our eyes to them.’
Another of Churchill’s warnings is just as relevant to our present predicament:
‘If you will not fight for right when you can easily win without bloodshed… you may come to the moment when you will have to fight with all odds against you and only a precarious chance of survival.”

Waziri, while stating that her call was a build up to the earlier proposal by President Bola Tinubu during his recent visit Beforehand Benue, noted that meetings alone would not solve the problem, urging that: “But let us be sincere: peace will not come from meetings alone. To end the cycle of violence, we must confront its roots. Before the Yelwata massacre, communities in Gwer West, Apa, and Guma had already endured weeks of killings, kidnappings, and raids. These horrors did not emerge in a vacuum; they are symptoms of deeper issues.

“We must therefore confront the real causes — ethnic and religious tensions, unchecked banditry, and the rise of cultism as well as the abuse of illicit drugs. These forces must be tackled, along with the herder-farmer conflict, with honesty and courage. We cannot afford to keep going in circles. And there is no room for blame games. Our leaders — and indeed, all of us — must be pragmatic. So today, let us commit, as one people, to healing our wounds, reclaiming our land, and ensuring that never again will a child in Benue grow up in a camp instead of a home”

She said the development in Benue must be of “concern to all sons and daughters of Benue regardless of whether we live within its borders or far away in the diaspora to find out the root cause of these attacks with a view to proferring solutions that will bring an end to these barbaric acts”

Farida Waziri Tasks Benue Leaders to Unite, Act and Save Their People

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