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
National News
NIMC Promotes 523 Staff Members
NIMC Promotes 523 Staff Members
By: Michael Mike
The DG/CEO of the National Identity Management Commission (NIMC), Engr (Dr) Abisoye Coker-Odusote has approved the promotion of 523 Staff of the Commission.
The promotion, according to a statement on Saturday by the spokesperson of the Commission, Dr. Kayode Adegoke is in line with President Bola Tinubu’s Renewed Hope Agenda.
Adegoke said: “This is a statutory part of the performance reward system for Staff who sat and met the pre-requisite conditions as spelt out in the Public Service Rules (PSR) in the 2025 promotion exercise.
He disclosed that accordingly, two staff members were promoted to the Director’s cadre (GL 17), and eight staff members moved to the Deputy Director cadre (GL 16) and 35 staff staff members promoted to the Assistant Director cadre (GL 15).
He further disclosed that 35 staff were promoted to the level of Chief Identity Officers (GL 14), with 109 moving to Assistant Chief Identity Officers (GL 13).
Adegoke said 113 officers moved to the rank of Principal Identity Officer (GL 12), while 82 were promoted to Senior Identity Officer ranks (GL 10), and 130 to the rank of Identity Officer 1 ( GL 9).
The DG/CEO congratulated all the promoted staff and charged them to see the promotion as an opportunity to serve the country better. She reiterated zero tolerance for extortion and warned staff to desist from it.
Engr Coker-Odusote, furthermore, encouraged all staff members of the Commission to work harder in the coming year 2026 and ensure the successful implementation of the National Identification Number project. She reiterated her commitment to prioritise staff welfare and ensure the dignity of labour.
NIMC Promotes 523 Staff Members
National News
VP Shettima Extols Gov Uzodimma’s Progressive Leadership At 67
VP Shettima Extols Gov Uzodimma’s Progressive Leadership At 67
By: Our Reporter
Vice President Kashim Shettima has congratulated Imo State Governor and Chairman of the Progressive Governors Forum (PGF), Senator Hope Uzodimma, on his 67th birthday, saying his exemplary and progressive leadership within the All Progressives Congress (APC), his state, and the nation at large is worthy of emulation.
He noted that as Chairman of the PGF, an umbrella body of Governors elected on the platform of the All Progressives Congress (APC), Senator Uzodimma has demonstrated exceptional capacity to unite and galvanise the party’s Governors towards achieving a collective vision for Nigeria’s development under President Bola Tinubu’s Renewed Hope Agenda.
The Vice President on Saturday, described the age of 67 as an important milestone in the life of Uzodimma, noting that the special moment reflects how far the Governor has come, and sets the stage for what lies ahead.
Acknowledging how Uzodimma’s “exemplary leadership as Executive Governor of Imo State continues to inspire confidence and progress,” VP Shettima described the PGF Chairman as a committed servant of Nigeria.
“Your recent appointment by His Excellency, President Bola Ahmed Tinubu, GCFR, as Renewed Hope Ambassador is a well-deserved recognition of your unwavering dedication to the ideals of our administration and your proven ability to articulate and champion the transformative agenda of the Renewed Hope mandate across our nation,” the VP told the Governor.
This singular honour, Senator Shettima said, reflects President Tinubu’s confidence in Governor Uzodimma’s leadership and commitment to national progress.
He observed that the Imo State Governor’s strategic governance, infrastructural achievements, and dedication to the prosperity of his state exemplify the progressive leadership Nigeria needs at this crucial time.
The Vice President prayed the Almighty God to grant Governor Uzodimma continued wisdom, good health, and strength to sustain his “remarkable service to Imo State and Nigeria.”
VP Shettima Extols Gov Uzodimma’s Progressive Leadership At 67
National News
EU Invests Additional €45 million in Nigeria’s Digital Economy
EU Invests Additional €45 million in Nigeria’s Digital Economy
By: Michael Mike
The Europe Union (EU) is investing an additional €45 million in Nigeria’s digital economy.
The package was signed by the Nigerian Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, and the European Commissioner for International Partnerships, Jozef Síkela in Brussels.
A statement on Thursday by EU read: “At the EU-Nigeria Digital Open Day, which just took place in Brussels, a €45 million programme completing the EU Digital Economy Package for Nigeria was signed between Nigerian Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, and the European Commissioner for International Partnerships Jozef Síkela.
“This investment will further support the cooperation in digital sector between Nigeria and the European Union.”
The European Commissioner for International Partnerships, Jozef Síkela, said: “Global Gateway is about delivering new opportunities, and the EU-Nigerian cooperation in the digital area has a very strong potential to do exactly that. Our approach to digitalisation is based on skills-transfer, open standards, data protection, privacy and security. This way, we make sure that technologies truly enrich human lives. The new package will take our efforts even further by supporting modern e-public services and investing in the skills that will prepare Nigeria’s youth for the digital future.”
The Nigerian Minister of Communications, Innovation and Digital Economy, Bosun Tijani added: The EU–Nigeria digital economy cooperation reflects our shared belief that digital transformation must provide a platform for growth in productivity driven by technology. As part of this, Project Bridge provides a commercially sustainable entry point for European investors and suppliers to participate in deploying an open-access fibre network at scale. Combined with our leadership in Artificial Intelligence, Digital Public Infrastructure and programmes such as 3 million Technical Talents, Nigeria offers European businesses a market where talent, demand and policy alignment converge to support long-term investment and expansion.”
The programme signed on Thursday includes a flagship Global Gateway support to the Project Bridge that aims to deploy 90 000 km of fibre-optic backbone across Nigeria. This project is the country’s most ambitious digital investment supported by loans from the European Bank for Reconstruction and Development, World Bank and African Development Bank.
The €45 million grant supports the preparation of this strategic project with technical assistance and equipment in three complementary ways: for the detailed fiber optic network design, for local skills development and for the supply chain deployment with the mobilisation of the EU private sector.
The EU programme will also contribute to modernise Nigeria’s public administration through secure, user-friendly digital services. it also involves targeted support for Nigeria’s nationwide digital-skills programme, helping train a new generation of technicians, engineers and IT specialists.
According to the statement, this is essential to create new jobs, because large-scale digital projects can only work if the local workforce can maintain, operate and innovate on these networks.
The objective of the EU-Nigeria Open Digital Day was to facilitate access to information for European investors and suppliers interested in participating in the Nigerian digital ecosystem. The focus was on the Project Bridge, presented as an opportunity for collaborations between the EU tech sector and Nigeria.
With this €1.7 billion flagship project is projected to extend Nigeria’s total fibre to 125 000 km (+70%), making it the third-longest terrestrial fibre-optic infrastructure in Africa, following Egypt and South Africa.
Digitalisation is a priority area for the EU-Nigeria partnership as reflected in the €820 million Digital Economy Package launched in 2022 under the EU Global Gateway strategy. The EU-Nigeria collaboration in this sector spans from connectivity to digital skills, entrepreneurship, service and governance with multiple projects.
Nigeria’s digital economy has potential to create jobs, foster economic growth and open greater democratic space in Africa. Nigeria hosts big companies, and Lagos offers digital and business ecosystem with incubators, access to finance and digital service platforms. It has the biggest e-commerce market in Africa with 87 platforms, employing some 2.9 million people.
It is also leading on the continent on digital and start-ups – of the 8 existing African unicorns, 6 are Nigerian, with impressively dynamic States (Lagos) eager to create an ecosystem that promotes innovation, youth and growth largely led by the digital sector.
Global Gateway is the EU’s positive offer to reduce the worldwide investment disparity and boost smart, clean and secure connections in digital, energy and transport sectors, and to strengthen health, education and research systems.
The Global Gateway strategy embodies a Team Europe approach that brings together the European Union, EU Member States, and European development finance institutions.
Together, they aim to mobilise up to €300 billion in public and private investments from 2021 to 2027, creating essential links rather than dependencies, and closing the global investment gap.
EU Invests Additional €45 million in Nigeria’s Digital Economy
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