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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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President Tinubu Storms Jos Today To Commiserate With Residents Of Angwa Rukuba Massacre

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President Tinubu Storms Jos Today To Commiserate With Residents Of Angwa Rukuba Massacre

By: Bodunrin Kayode

President Bola Tinubu will today visit the Plateau state capital Jos to commiserate with residents who lost loved ones during the Palm Sunday shooting spree by criminals that took place at Angwa rukuba area of the city.

The President who was scheduled to visit Ogun state postponed his scheduled trip to Iperu, meant to flag off operations at the Gateway International Cargo Airport.

From the Plateau, the President is expected to travel to Lagos to observe Good Friday public holiday which ushers the beginning of the Easter public holiday which rounds up the lent period.

A state house release signed yesterday by the Presidential spokesman Bayo Onanuga noted that President Tinubu will travel to Ogun State for the commissioning of the Cargo Airport and the inauguration of two commercial aircrafts for the export and import of goods, aimed at boosting the state’s economic growth on Saturday April 4th.

“He will also inaugurate the new edifice of the Federal Operations Unit of the Nigerian Customs Service and its operational vehicles.

“He will return to Lagos to continue the Easter holiday, during which he is also expected to commission infrastructural projects undertaken by the administration of Governor Babajide Sanwo-Olu.

“These projects include: the iconic Ojota/Opebi Link Bridge; the Lagos State Geographic Information System Building; the Multi-Agency Complex named after the President, and a school Complex.

“Before returning to Abuja, President Tinubu will visit Bayelsa State on April 10 to commission some of Governor Duoye Diri’s completed projects.” Said the release.

Sadly several residents lost their lives during the black Palm Sunday shooting spree which is suspected to have been carried out by auto bike riding bandits following after their patterns in the hinterlands of the state.

These bandits who had tormented, killed and destroyed homes of residences of the Jos north axis of the state for several years after September 7th 2001

This damnation let loose on innocent residents is resurfacing after hundreds of killings had occurred in the Jos North council area of the state from September 7th 2001 till date.

And because of the myriad of challenges creeping into the federal security system sub regionals have geared up to manage their on police and Intel services which would assist greatly because they are masters of their territories.

The Federal government is fast tracking the process of state police to ensure that each sub nationals take charge of their environment to ensure that they support the center in the maintenance of internal security.

President Tinubu Storms Jos Today To Commiserate With Residents Of Angwa Rukuba Massacre

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NiMet predicts 107 to 138 days of rainfall in Gombe

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NiMet predicts 107 to 138 days of rainfall in Gombe

The Nigerian Meteorological Agency (NiMet) has said that in 2026, the length of the rainy season in Gombe State is expected to be between 107 and 138 days.

This is contained in the Agency’s 2026 Seasonal Climate Prediction (SCP) document, which Gayus Musa, the meteorological manager for Gombe State, made available to Our Correspondent in Gombe on Tuesday.

The total amount of rainfall across Gombe State in 2026 is predicted to be between 701 mm in the northern part of the state (Nafada) and 1089 mm in the South (Shongom).

The onset of the rainfall is expected to commence in the state on May 29 (Shongom) and cease by October 22 (Yamaltu/Deba).

Similarly, in the prediction, four local government areas of the state, namely: Nafada, Yamaltu/Deba, Dukku and Funakaye were likely to be impacted by a severe dry spell (21 days and above) between June and August.

Musa while speaking to Our Correspondent on the first rainfall experienced in some communities in Akko, Gombe and Yamaltu/Deba Local Government Areas of the state on Monday urged farmers to resist the temptation of early planting of crops.

He described the first rain as false onset, explaining that the rainfall was false because it would not support any germination as seeds planted with such rain would not survive.

“This (first rain) is a false onset because the precipitation cannot carry any germination and so any seed planted would not survive.

“So farmers should not engage themselves in planting but to prepare their farmlands while getting their seeds and other inputs ready,” he said.

Musa advised farmers in the state, to make use of the prediction in carrying out farming activities towards avoiding losses in view of the impact of climate change on agriculture.

He further urged relevant authorities in the state to take proactive measures towards tackling environmental issues associated with the rainy season.

NiMet predicts 107 to 138 days of rainfall in Gombe

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Tuggar Resigns from Tinubu’s Cabinet, Sets for Bauchi Governorship

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Tuggar Resigns from Tinubu’s Cabinet, Sets for Bauchi Governorship

By: Michael Mike

The rumoured interest of Minister of Foreign Affairs, Ambassador Yusuf Tuggar in becoming the governor of Bauchi State come 2027 may have been confirmed he resigned on Monday to prepared ground for actualization of his political ambition.

The resignation was ahead of the deadline set for political appointees seeking elective positions in the forthcoming general elections.

In a resignation letter submitted to the office of the Secretary to the Government of the Federation, Tuggar expressed profound gratitude to President Bola Ahmed Tinubu for the opportunity to serve the country and contribute to the implementation of the administration’s Four-D foreign policy strategy.

The former minister also appreciated the management and staff of the Ministry of Foreign Affairs and members of the diplomatic community for their cooperation and support throughout his tenure.

During his time in office, Tuggar was credited with advancing Nigeria’s foreign policy objectives through initiatives focused on people-centred diplomacy. These included humanitarian evacuations, facilitation of scholarships for Nigerians abroad, and sustained support for citizens in the diaspora.

His tenure also witnessed increased diaspora engagement, including efforts to develop a structured database of Nigerians living abroad aimed at strengthening their participation in national development.

In addition, Tuggar strengthened bilateral and multilateral relations through strategic engagements with traditional partners and regional alliances, particularly across the Global South. His leadership also promoted regional security cooperation and supported the formation of the Regional Partnership for Democracy initiative.

He also prioritised economic diplomacy, positioning Nigeria as an attractive destination for foreign investment, especially in the energy sector, while facilitating diplomatic interventions that secured the release of detained Nigerians in foreign countries and improved bilateral relations.

The resignation letter was received on behalf of the Secretary to the Government of the Federation by Dr. Abubakar Kana, Permanent Secretary, General Services Office, ahead of the March thirty-first deadline directed by President Tinubu in line with provisions of the Electoral Act.

Tuggar’s resignation was conveyed in a statement issued by his Special Assistant on Media and Communications Strategy, Alkasim Abdulkadir.

Tuggar Resigns from Tinubu’s Cabinet, Sets for Bauchi Governorship

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