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.
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
Unidentified visitor dies suddenly at Niger Government House Lodge
By: Zagazola Makama
The Niger State Police Command has confirmed the sudden death of an unidentified man who collapsed and died at Government House Lodge, Minna. Zagazola learnt that the incident occurred on Friday, Aug. 2, 2025.
Sources said that the deceased had visited House No. 8, Government House Lodge, in an attempt to see Mr. Sammy, Chairman of Niger Foods. However, upon meeting his host’s absence, the man suddenly took ill.
Medical doctors were reportedly contacted from the IBB Specialist Hospital, Minna, for urgent attention. Unfortunately, by the time the doctor arrived, the man had already passed away.
Following the report, a team of police operatives from GRA Division visited the scene. The body was photographed and evacuated to the IBB Specialist Hospital Mortuary for autopsy to determine the exact cause of death.
Unidentified visitor dies suddenly at Niger Government House Lodge
Bauchi Guber: Sen Buba accepts calls by Bauchi North APC members to contest in 2027
By Amina Ahmed Dankawuwa
The Senator representing Bauchi South at the national assembly, Senator Shehu Buba Umar has accepted the calls by the members of the All Progressives Congress (APC) Bauchi North Senatorial District to contest for Governorship come 2027.
The Director General of the campaign for the actualisation of Sen Buba’s Gubernatorial ambition, Alhaji Muhammad Sade (Usman) accepted the calls on behalf of the Senator during a town hall meeting held on Saturday by the members of the All Progressives Congress (APC) Bauchi North Senatorial in Azare.
He appealed to members of APC to maintain peace with all other aspirants within the party.
“Let’s respect other aspirants, such that anybody who win the primary election can have will be assisted by others, so we must value and respect each other”, he reasoned.
Muhammad Sade also called on party members to commence looking for delegates for ahead of the party primaries.
“It is now that we have to look for those that have votes. I call on our esteemed supporters to start mobilizing for delegate”, he emphasized.
He also advised social media handlers (citizens journalist) to avoid creating problems for personal gain, adding that social media some times create a lot of problem within and out side the party endorsed Senator representing Bauchi South, Senator Shehu Buba Umar for Bauchi Governor come 2027.
Baushe Daily Times reports that members of the APC gathered in thousands during the meeting in Azare during which they unanimously agreed to support Senator Shehu Buba for Governor come 2027.
Earlier in a welcoming address, former majority leader in the Bauchi state house of assembly, Hon Tijjani Mohammed Aliyu, the choice to support Sen Shehu buba Umar’s Governorship ambition was due to his concern and care he has for the people of Bauchi state.
“He respects us, he values our people politically and he also call on party members to respect each other because politics shouldn’t be considered as a do or die affair”, he said.
Also speaking, Alhaji Bashir Bukar Rimin Zayam charged the youth to cast their votes for the youth only and avoid voting older politicians who will always be going abroad for medical attention.
He therefore, appealed to members of APC to mobilised people to support Sen Shehu Buba for Governor.
Among those who attended the town hall meeting include state assembly member Azare/Madangala Hon Zakariyya sale maigero, comr sabo Mohammed S A to Sen Shehu Buba on media and communication, Hon kasuwa Shehu Damana, Hon Adamu Fanta Misau, Hon maiwada Misau,Hon Mohammed Hassan, Barr Muktar Umar, Alhaji Nura Adamu among others.
Bauchi Guber: Sen Buba accepts calls by Bauchi North APC members to contest in 2027
NHRC: Closure of Badeggi Radio, A Suppression of Press Freedom, Affront to Democracy
By: Michael Mike
The National Human Rights Commission (NHRC) has condemned in strong terms the closure of Badeggi Radio in Niger State by the State Governor Mohammed Bago, discribing it as not only a suppression of press freedom but an affront to democracy.
The Executive Secretary of the Commission Dr Tony Ojukwu, condemned the action while reacting to the ugly incident. He said the governor’s decision to shut down the radio station without following due process is disappointing and a clear violation of the right to freedom of expression, as guaranteed by Section 39 of the 1999 Constitution and Article 9 of the African Charter on Human and Peoples’ Rights.
Ojukwu noted that the consequences of suppressing press freedom are far-reaching and can lead to increased government opacity, reduced citizen participation, creat obstacles to accountability, and weakening of democratic institutions.
He said: “The arbitrary shutdown of media outlets undermines the checks and balances essential to a functioning democracy.”
He called on Governor Bago to immediately unseal the Radio Station and allow it to resume full operations, asking him to channel issues concerning any alleged unconstitutional operations of the Radio Station to the appropriate authority and not act with impunity.
He said: “This is both a moral imperative and a democratic requirement.”
Ojukwu who is also the president of the Network of National Human Rights Institutions in West Africa ( NNHRI-WA) urged the governments to protect journalists and media freedom, foster a culture of tolerance, and support independent media. “Journalists must be able to operate without fear of harassment, intimidation, or violence,” He emphasized.
He lamented that the media has severally come under attack in various forms, a situation he termed as unacceptable in a civilized society.
He called on the Nigerian Broadcasting Commission (NBC) to be firm in carrying out its Statutory mandate which must not be abused at any slight opportunity.
He used the opportunity to ask media practitioners to be professional at all times in order to prevent needless censorship by political office holders.
He also called on Nigerian Guild of Editors to provide professional guidance at regular intervals as this will curb the use of hate speech, fake news and other unprofessional conducts capable of adversely affecting the media houses.
He insisted that the Commission remains committed to promoting and protecting human rights in Nigeria and would continue to monitor the situation closely.
NHRC: Closure of Badeggi Radio, A Suppression of Press Freedom, Affront to Democracy
Eight Suspects Escape from Police Custody in Gona in Bauchi One Rearrested
Zulum Approves Establishment of Equipment Maintenance Unit
Separating facts from propaganda on alleged civilian casualties in Yankuzo, Zamfara
Roger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
THE PLIGHT OF FARIDA
POLICE CHARGE ROOMS, A MINTING PRESS
-
News1 year agoRoger Federer’s Shock as DNA Results Reveal Myla and Charlene Are Not His Biological Children
-
Opinions3 years ago
THE PLIGHT OF FARIDA
-
Opinions4 years ago
POLICE CHARGE ROOMS, A MINTING PRESS
-
News1 year agoEYN: Rev. Billi, Distortion of History, and The Living Tamarind Tree
-
Columns1 year agoArmy University Biu: There is certain interest, but certainly not from Borno.
-
ACADEMICS1 year agoA History of Biu” (2015) and The Lingering Bura-Pabir Question (1)
-
Opinions1 year agoTinubu,Shettima: The epidemic of economic, insecurity in Nigeria
-
Politics2 months ago2027: Why Hon. Midala Balami Must Go, as Youths in Hawul and Asikira/Uba Federal Constituency Reject ₦500,000 as Sallah Gift
