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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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FG Urged to Take Over Gen Alkali’s Murder Case from Plateau Government

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FG Urged to Take Over Gen Alkali’s Murder Case from Plateau Government

By Sabiu Abdullahi

Major-General U.I. Mohammed (retd), who led the operation to recover the remains of Major-General Idris Alkali, has called on the Federal Government to take over the case of the late general’s murder from the Plateau State Government.

Over six years after the discovery of Gen Alkali’s body in an abandoned well in Guchwet village, Jos South LGA, no one has been prosecuted.

Gen Mohammed, speaking in an interview, stated the need for justice and shared details of the investigation that led to the recovery of Gen Alkali’s body.

He noted that the Nigerian Army tasked him with leading the search and rescue mission in September 2018 after Gen Alkali went missing en route from Abuja to Bauchi.

“We had credible information that a vehicle was pushed into one of the ponds in the area. Following Gen Buratai’s directive, the 3 Division was ordered to conduct a search and rescue operation,” he said.

During the operation, the team relied on technology, including phone tracking provided by MTN, and human intelligence to locate Gen Alkali’s car and uncover details of his murder.

Gen Mohammed described how divers and specialized equipment were used to drain the pond where Gen Alkali’s car was found. The operation also uncovered other vehicles and led to arrests.

The investigation revealed that Gen Alkali was ambushed, forced out of his car, and killed despite offering money to spare his life.

He was later buried in “No Man’s Land,” and his remains were exhumed and moved to Abuja for burial.

Despite these efforts, Gen Mohammed expressed frustration with the lack of progress in prosecuting the case.

“Since the case started in 2018, they have kept on shifting it. I was allowed to testify only once,” he said.

He also noted recurring challenges, such as community resistance during the operation, including protests by women who attempted to obstruct the evacuation of the pond.

He urged the Plateau State Government to legislate against practices like placing large stones on roads to ambush travelers, which he described as a common tactic in the area.

FG Urged to Take Over Gen Alkali’s Murder Case from Plateau Government

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FORMER CDS, GENERAL IRABOR CHARGES NIGERIAN ARMY TO UPHOLD DEMOCRATIC VALUES AND NATIONAL SECURITY

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FORMER CDS, GENERAL IRABOR CHARGES NIGERIAN ARMY TO UPHOLD DEMOCRATIC VALUES AND NATIONAL SECURITY

By: Our Reporter

The former Chief of Defence Staff (CDS), General Lucky Irabor (Retired), has called on personnel of the Nigerian Army (NA) to remain steadfast in upholding their constitutional responsibilities and democratic values while synergizing with other security agencies to address the nation’s security challenges. He made this appeal on Saturday, 18 January 2025, during the Army Headquarters Departments and Commands West African Social Activities (WASA) 2024 held at the Army Headquarters Garrison, Mogadishu Cantonment, Abuja.

General Irabor who was the Special Guest of Honour (SGoH), commended the sacrifices and dedication of personnel, encouraging them to remain vigilant and focused on their duties. He highlighted the richness and cultural diversity of Nigerian soldiers which he described as source of strength for effectiveness.

General Irabor averred that NA has a long history of heritage and achievements with documented victories in both World Wars, peacekeeping operations, and internal security operations across the country. General Irabor noted that the Army has made significant contributions to national growth and development, beyond their traditional defence and security duties through the dedication and sacrifices of military personnel, some of whom have paid the supreme price through service to the nation.

He urged the Army to continue synergizing with other security agencies, respect rules of law, and subordinate to civil authority. The former CDS commemorate with the officers and soldiers of the Army and urged them to remain focus as the nation looks upto the NA to keep upholding democratic values.

In his remarks, the Chief of Army Staff (COAS), Lieutenant General Olufemi Oluyede emphasized the significance of WASA as a platform to celebrate national heritage and promote unity, camaraderie and esprit de corps among personnel and their families. The COAS stated further that the event also avails the command the opportunity to thank God and appreciate personnel for their individual and collective contributions peace and security of the citizens.

The COAS posited that WASA showcases the Nigerian Army’s diverse ethnic heritage, rich cultural traditions, extensive geographical representation, and huge expectations of Nigerians in NA’s commitment to addressing security challenges.

The Army Chief appreciated the continued support and cooperation of other security and sister agencies in the execution of various operations, assuring that the NA will continue to foster stronger partnerships to enhance collective capacity to address the nation’s security challenges.

The Army Chief further expressed gratitude to President Bola Ahmed Tinubu for his unwavering support and strategic guidance to the Nigerian Army.

Earlier in his welcome address, Commander, Army Headquarters Garrison, Major General Koko Isoni recalled the tradition of WASA dated back to the era of the second World War, during which Officers, soldiers and their families come together to socialize in a relaxed mood to mark the end of the year’s activities.

He affirmed that the event also serves as a vehicle to enhance espirit de corps and the spirit of brotherliness within the NA.

The WASA is an annual event that brings together military personnel and their families to promote unity, camaraderie, and esprit de corps.

This year’s event was marked by various activities including Tug of War, Female Soldiers Bike Display, Band display, presentation of awards, Mega Suya/Nigerian Tradition Cuisine Competition, cultural performances showcasing Nigeria cultural diversity and lightening of burn fire by the SGoH.

FORMER CDS, GENERAL IRABOR CHARGES NIGERIAN ARMY TO UPHOLD DEMOCRATIC VALUES AND NATIONAL SECURITY

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Nigeria and Egypt elevate relationship to Comprehensive partnership…Waives Visa for Diplomats

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Nigeria and Egypt elevate relationship to Comprehensive partnership
…Waives Visa for Diplomats

By: Michael Mike

Nigeria and Egypt have agreed to elevate their relationship to a “Comprehensive Partnership,” and placing emphasis on mutual respect for each nation’s unity, sovereignty, and territorial integrity.

This was the agreement reached between Nigeria’s Minister of Foreign Minister, Ambassador Yusuf Tuggar and his Egyptian counterpart, Badr Abdelatty, during the visit of the former to Cairo, Egypt, to participate in the third round of political consultations with the Egyptian government.

In the Nigeria’s delegation are also the Minister of Water Resources, Prof. Joseph Utsev and the Minister of Agriculture and Food Security, Senator Abubakar Kyari.

Both countries have also committed to intensify coordination on regional and international issues, aiming to strengthen the African Union’s role in addressing continental challenges and promoting integration. They also pledged to work together to advance democracy, good governance, and the objectives of Agenda 2063.

Egypt and Nigeria, while recognizing the shared threat of terrorism and extremism, agreed to enhance security cooperation by sharing experiences in implementing comprehensive counter-terrorism strategies.

They also expressed a commitment to supporting conflict resolution in Africa through peacebuilding and sustainable development initiatives.

The ministers acknowledged the potential for increased bilateral economic engagement and agreed to encourage both governmental and private sector participation in areas such as agriculture, energy, telecommunications, and infrastructure.

They also discussed plans to establish a Nigeria-Egypt Chamber of Commerce by the end of 2025, with a formal launch anticipated during the fourth round of ministerial-level consultations in Abuja in 2026.

The two foreign affairs ministers also
commended recent agreements on visa exemptions for diplomatic passport holders and the adjustment of visa fees for citizens of both countries, reflecting a mutual commitment to facilitating easier movement and stronger people-to-people connections.

The next session of the Joint Committee at the ministerial level is scheduled for the last quarter of 2025, underscoring the ongoing commitment to deepening bilateral relations.

Nigeria and Egypt elevate relationship to Comprehensive partnership
…Waives Visa for Diplomats

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