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

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

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

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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