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
UN Agency Gives USD 395,000 to 39 Land Restoration Projects Worldwide
By: Michael Mike
In a decisive step to reverse land degradation, 39 land restoration projects led by grassroots organisations have been awarded USD 395,000 through the inaugural Small Grants Programme of the G20 Global Land Initiative (GLI), a flagship initiative of the United Nations Convention to Combat Desertification (UNCCD).
Drawn from 22 countries, the winning projects were selected for their innovation, impact and sustainability. Over 650 organisations from more than 100 countries applied for the award. The winners were selected following three rounds of review by separate UNCCD staff teams, with varied expertise in land management and restoration.
Awardees will receive between US$5,000 and US$15,000 to fund grassroots efforts that boost local economies, improve food and water security and strengthen ecosystem resilience.
The announcement was livestreamed at an event showcasing the grant winners.
The Small Grants Programme is an important tool for achieving the G20 GLI’s mission of reducing degraded land by 50 percent by 2040.
Speaking during the award ceremony, Director of the G20 Global Land Initiative,Dr. Muralee Thummarukudy, said: “We are aware that these big numbers, cannot be achieved by small initiatives alone. Yet, we feel, it is important that tens of thousands of small actors, engaged in land restoration around the world, be supported, promoted and recognized,”
Special priority was given to organisations accredited to UNCCD and to projects empowering Indigenous Peoples, youth, women and the elderly.
The programme was set up in 2024 to support community-level non-profit organisations worldwide. According to a statement, by directly supporting civil society and grassroot actors, these grants will generate measurable progress across global aided restoration priorities, such as soil fertility enhancement, forest regeneration, sustainable agriculture, agroecology and ecosystem-based adaptation.
The statement added that beyond reclaiming land, the projects are enhancing livelihoods, strengthening community climate resilience, and fostering social enterprise and eco-preneurship.
“When we do these small grants program, it is not just about the grant. It’s about the network which we create and the visibility it provides — both for those within it and those outside who can benefit from their knowledge and experience,” Thummarukudy added.
Three of the highest-scoring projects were showcased at the UNCCD Conference of the Parties held in Riyadh, Saudi Arabia, in December 2024, to highlight their potential for scaling and replication across regions.
The statement also revealed that winners will also be showcased at select high-level events in the future, stating that the G20 GLI is committed to inclusive and continuous engagement, and is exploring future
collaboration opportunities for the applicants not selected in this round.
Stressing that “this is just the beginning, this will be an annual process, the next cohort is about to start,” Dr Thummarukudy invited community organisations doing land restoration to apply to join the network because both “big and small” [efforts] are important.
He noted that the second call for applications will open in 2025 with increased funding and expanded
support for grassroots restoration efforts worldwide.
Innovative community-led restoration initiatives are essential for creating green jobs, especially for youth and women..The awards provide support that can transform restoration into a catalyst for economic opportunity and sustainable environmental management.
Examples of selected 2024 grantees include: Legacy of War Foundation (Rwanda), which will restore six hectares of degraded soil while empowering 90 women as landowners of fully organic cooperative farms. By integrating climate-smart and artisanal farming methods, the project aims to improve soil fertility and agricultural resilience in post-conflict rural communities.
Up2Green Foundation (India) is restoring mangroves and riverbanks in Tamil Nadu, India. The project is reforesting 60 hectares and planting 15,000 fruit trees, enhancing biodiversity, strengthening coastal resilience for flood prevention, and training local communities in sustainable agroforestry practices.
Sustainability and Environmental Studies Endeavor (Nepal) is working to restore
ecological balance along the mythological Nagaraj Trail. By revitalizing degraded farms, wetlands and forests using nature-based solutions, the project promotes nature-inclusive agriculture and convivial conservation approaches.
The G20 Global Land Initiative was launched in 2020 under the Saudi G20 Presidency. Hosted by the UNCCD, its ambition is to reduce degraded land by 50 percent by 2040. By showcasing
land restoration, empowering civil society, engaging the private sector and building capacity, G20 GLI is driving restoration to scale and energizing a restoration economy. The Small Grants Programme is a key component of this vision, empowering civil society to restore degraded lands and promote sustainable land management at scale.
UN Agency Gives USD 395,000 to 39 Land Restoration Projects Worldwide
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
UN Agency Gives USD 395,000 to 39 Land Restoration Projects Worldwide
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