National News
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.
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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
NAF Airstrikes Destroy Terrorist Enclave in Marte Axis of Lake Chad
By: Zagazola Makama
The Air Component of Operation Hadin Kai (OPHK) on Monday conducted a precision air interdiction mission at a terrorist enclave in Kollaram, within the Marte axis of the Lake Chad region.
Intelligence sources told Zagazola Makama that the l airstrike, which was executed at approximately 0610 hours, followed credible intelligence and surveillance reports indicating the presence of terrorist elements and their logistical infrastructure in the area.
The sources said that the post-strike Battle Damage Assessment (BDA), shows that the air interdiction resulted in the destruction of key terrorist structures and critical logistics, in the Lake Chad corridor.
A senior military source, who confirmed the operation disclosed that the strike was part of ongoing efforts to maintain aerial dominance and sustain pressure on terrorist enclaves in the North East theatre of operations.
“The operation was carried out with precision munitions tp ensure the neutralisation of only hostile targets. The destruction of these facilities significantly hampers the enemy’s ability to regroup or launch coordinated attacks in the region,” the source said.
He said that preliminary intelligence suggests panic and disarray within the terrorist ranks, with reports of survivors fleeing towards nearby islands for cover.
The source added that further reconnaissance is ongoing to track fleeing elements and prevent any regrouping attempts.
NAF Airstrikes Destroy Terrorist Enclave in Marte Axis of Lake Chad
Friday 18th, Monday 21st Declared Public Holidays for Easter
By: Michael Mike
The Federal Government has declared Friday, 18th and Monday, 21st April 2025 as public holidays to mark this year’s Easter Celebration.
The Easter festival comes after the 40 days fasting (Lent), with a holy weekend starting with Good Friday, Sunday (the day of Resurrection of Christ) and Easter Monday, all showcasing the virtues of sacrifice and resurrection.
Minister of Interior, Hon. Olubunmi Tunji-Ojo while making the holidays declaration on Tuesday on behalf of the Federal Government, extended heartfelt congratulations to Christians across the country on the joyous occasion.
He emphasized the importance of the holidays to Christians, which embody the virtues of the sacrifice and love displayed by Jesus Christ, having to die for the redemption of man.
In a statement by the Permanent Secretary in the ministry, Dr Magdalene Ajani, the minister also called on Nigerians to use the holiday period to pray for the peace, unity, and stability of the nation.
He reassured citizens of President Bola Ahmed Tinubu’s unwavering commitment to the Renewed Hope Agenda, which seeks to foster national growth and development.
He encouraged Nigerians to extend love and goodwill to their neighbours through acts of kindness and generosity, wishing
all Christians a blissful Easter celebration, while extending warm holiday greetings to all Nigerians.
Friday 18th, Monday 21st Declared Public Holidays for Easter
ActionAid Nigeria Describes Zike Massacre, Another Shameful Cycle of Violence
By: Michael Mike
ActionAid Nigeria (AAN) has condemned the massacre in Plateau State that left over 40 persons dead, describing it as yet another chapter in the shameful cycle of violence.
AAN, in a statement on Tuesday by its Country Director, Andrew Mamedu said it
is “outraged by the savage attack on Zike community in Bassa Local Government Area of Plateau State, which left over 40 innocent Nigerians dead in a single night. This cold-blooded massacre, carried out in the early hours of Monday, April 14, is yet another chapter in the shameful cycle of violence that has plagued Plateau State.”
It insisted that: “This was not a sudden or unpredictable tragedy. Community members, raised alarms ahead of the attack. They warned of threats. They called for help. But once again, they were ignored. The attackers stormed Zike around midnight and operated for nearly two hours- killing, burning and destroying- while security forces were nowhere to be found.”
The statement further read that: “ActionAid Nigeria condemns this heinous act in the strongest possible terms and holds the Nigerian government accountable for its continued failure to protect lives of Nigerians in Plateau state and across the country.
“We stand in total and unshakable solidarity with the people of Zike and every community across Bassa, Bokkos, and Mangu that has suffered these atrocities. These are not numbers; these are human beings, families, farmers, and children. Nigerians who deserve to live in peace and dignity.
“ActionAid Nigeria demands immediate and concrete action from both the Federal and Plateau State Governments. These include:
“A thorough, independent investigation into the Zike massacre- followed by prosecutions.
“The urgent deployment of well-equipped and accountable security personnel to protect high-risk communities.
“Direct humanitarian intervention for survivors: shelter, food, trauma care, and medical support.
“A clear and time-bound strategy to end impunity and prevent further violence, with full community participation.
“Structural peace building measures to address the root causes of the crisis- land disputes, ethnic tension, state neglect, and militarised impunity.
The statement further added that: “ActionAid Nigeria also calls on President Bola Tinubu, the National Security Adviser, and the Chief of Defence Staff to go take action. Condemnations after each attack mean nothing if they are not followed by action.
“ActionAid Nigeria will continue to stand with the affected Nigerians, and amplify their voices.”
ActionAid Nigeria Describes Zike Massacre, Another Shameful Cycle of Violence
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