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
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
Nigeria, European Union hold inaugural Trade and Investment Dialogue
By: Michael Mike
Senior Government officials of the Federal Republic of Nigeria and the European Union (EU) have today met in Abuja to assess the vibrant economic partnership between the two parties and chart a way forward.
The inaugural Nigeria-EU Senior Officials Trade and investment Dialogue (TID) was anchored by the Permanent Secretary, Federal Ministry of Industry, Trade and Investment (FMITI), Ambassador Nura Abba Rimi, and Director of the European Commission’s Directorate-General for Trade and Economic Security (DG TRADE), Ms Dora Correia,
The Minister of Industry, Trade and Investments, Dr. Jumoke Oduwole, and the EU Ambassador to Nigeria and ECOWAS, Gautier Mignot,, welcomed the launch of the Dialogue, which they said underscored the growing importance attached to trade and investment in the EU-Nigeria partnership.
This Senior Officials’ meeting marks an important step in strengthening the trade and investment partnership between the EU and Nigeria, and provided opportunity for the officials to exchange views on areas of mutual interest; address potential challenges and explore opportunities for further collaboration.
Discussions focused on a range of issues, including trade and investment policy, cooperation on market access barriers and requirements, preferential trade and investment arrangements, investment, collaboration within the World Trade Organization (WTO), regulatory measures that could impact trade and investment, and the identification of trade and investment-related development cooperation areas.
Both sides expressed their interest to continue the Dialogue, with the second TID billed to take place in Brussels, Belgium, in 2026, on a date to be jointly decided.
Nigeria, European Union hold inaugural Trade and Investment Dialogue
FG Declares Wednesday, Oct. 1 Public Holiday to Marks 65th Independence Anniversary
By: Michael Mike
The Federal Government has declared Wednesday, 1st of October as a public holiday to commemorate Nigeria’s 65th Independence Anniversary.
The Honourable Minister of Interior, Hon. Olubunmi Tunji-Ojo, who made the declaration on behalf of the Federal Government, congratulated all Nigerians both at home and in the diaspora on this historic occasion.
Tunji-Ojo, in a statement by the Permanent Secretary, Ministry of Interior, Dr. Magdalene Ajani, enjoined citizens to continue to uphold the patriotic spirit, unity, and resilience that have sustained the nation since independence in 1960.
He urged Nigerians to further keep faith in the Renewed Hope Agenda of President Bola Tinubu, which is anchored on national rebirth, economic transformation, and collective prosperity.
The Minister expressed confidence that, with the cooperation of all Nigerians, the country will continue to grow stronger in peace, progress, and development.
He wished Nigerians a happy and memorable 2025 Independence Day celebration.
FG Declares Wednesday, Oct. 1 Public Holiday to Marks 65th Independence Anniversary
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