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
IJAP Affirms INEC Chairman’s Call for End to Courtroom Elections, Reiterates Urgent Reform Agenda
IJAP Affirms INEC Chairman’s Call for End to Courtroom Elections, Reiterates Urgent Reform Agenda
By: Michael Mike
The Independent Judicial Accountability Panel (IJAP), led by Hon. Justice Adekunle Owoade (Rtd) has commendsed the recent proactive statements made by the new Chairman of the Independent National Electoral Commission (INEC), Professor Joash Amupitan, SAN, regarding the need to end the era of endless court battles over election results.
IJAP noted that Professor Amupitan’s emphasis on the necessity for robust legal frameworks, genuine internal democracy within political parties, and his challenge that “Elections must be won at the polling units, not in the courtroom,” is a welcome and highly encouraging statement, stressing that this commitment perfectly aligns with the extensive recommendations developed through its rigorous analysis of post-election justice delivery in Nigeria.
A statement on Wednesday said IJAP’s position, articulated during its 3rd session (September 30 – October 3, 2025), is clear: the current fragility of our electoral process is deeply rooted in the lack of consistency with legal principles of fairness, equity, and compliance with the electoral legal framework.
“We strongly urge the new INEC leadership to immediately prioritise the following critical recommendations made by the Technical Working Group of the Citizens’ Led Engagement on Judicial Accountability in Post-Election Justice Delivery in Nigeria (CLEAP – Justice):
“Pre-election matters should be determined before the election to ensure fairness, prevent multiplicity of actions and enhance election administration.
“The levels of redress for pre-election matters should be reviewed as follows: House of Representatives, Senate, and Governorship elections should have two steps/levels ending at the Court of Appeal, while Presidential pre-election matters should start from Court of Appeal and end at the Supreme Court.
“Primaries not conducted in adherence to INEC regulations & guidelines should be invalidated. Stringent rules and sanctions should determine elevated electoral crimes, and parties should be prohibited from holding public office for five years in case of disqualification.
“INEC Regulations should be separated from the guidelines and gazetted.
“The punishment for electoral offences in the Electoral Act, 2022 (Electoral Act) should be revised to elevate serious offences to a level that disqualifies the political parties and/or candidates from elections.”
IJAP also acknowledged that several bills currently before the House of Representatives Committee on Constitutional Review align with the panel’s reform objectives, demonstrating legislative interest in addressing electoral flaws.
It added that notably, while some progress is reflected in the proposed Electoral Bill 2025, specifically the increase in fines for certain electoral offences, IJAP maintained that this measure is insufficient. The panel strongly reiterated its demand that any revised laws must include the automatic disqualification of candidates and political parties found guilty of serious electoral offences. IJAP emphasized that mere fines are inadequate as a deterrent, especially against deep-pocketed political actors, and that only the threat of direct exclusion can restore integrity to the electoral process.”
IJAP, also in the statement signed by Hon. Justice Adekunle Owoade (rtd), said: “Our independent assessment shows that one key to ending courtroom elections is that INEC should not be a statutory party in election petitions. Professor Amupitan has the unique opportunity to leverage the judiciary’s expertise, as envisioned by IJAP, to institutionalize these reforms. This is the moment for INEC to act decisively and cement its position as a truly independent umpire, safeguarding the will of the people expressed at the polling unit, not the whims of lawyers in the courtroom.”
IJAP Affirms INEC Chairman’s Call for End to Courtroom Elections, Reiterates Urgent Reform Agenda
National News
Marwa: Challenge of Drug Scourge Remains Monumental, Needs More Work to Be Done
Marwa: Challenge of Drug Scourge Remains Monumental, Needs More Work to Be Done
…Discloses 45,853 Arrests Made, 8.5m kilogrammes of Drugs Seized, 9,263 Convicted in 30 months
By: Michael Mike
The Chairman/Chief Executive Officer of National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Buba Marwa (rtd) has said the challenge of drug scourge in the country still remains monumental and as such there’s need for more work to be done.
Marwa, while disclosing that 45,853 arrested were made, 8.5 million kilogrammes of drugs seized, and 9,263 persons convicted in 30 months, commended officers of the agency for raising the momentum of the fight against substance abuse and illicit drug trafficking across the country in the past two and a half years of the administration of President Bola Tinubu.
The commendation was given on Wednesday by the Chairman/Chief Executive Officer of the agency, Brig. Gen. Buba Marwa (rtd) during a presentation of commendation letters and awards to 220 personnel for outstanding performance in the discharge of their duties and the decoration of 15 senior officers with new higher ranks.
In his remark at the event, Marwa said: “Today, we specifically recognize those who have gone above and beyond. We celebrate those who, despite facing immense danger and relentless temptation, chose the path of integrity, selflessness, and uncompromising adherence to our mandate.
“Your commitment to the renewed hope agenda of the administration of President Tinubu has yielded tremendous results in the past 30 months on our two major planks of drug demand reduction and drug supply reduction, leading to 45,853 arrests; seizure of over 8.5 million kilograms of assorted illicit drugs; and conviction of 9,263 offenders; with 26,613 drug users counselled and rehabilitated in our treatment facilities across the country, while a total of 9,848 War Against Drug Abuse (WADA) sensitisation activities were conducted in schools, work places, markets, motor parks, worship centres and communities among others within the same period.”
The anti-drug czar while noting that he has upheld the tradition of hosting the commendation and awards ceremony in the last four and a half years to appreciate and encourage officers, men and women who have distinguished themselves in the line of duty, said the challenge of the drug scourge still remains monumental and as such there’s need for more work to be done.
“Without mincing words, the challenge we face is monumental. Drug abuse, trafficking, and the associated criminal enterprises represent a direct and existential threat to the social fabric, economic stability, and national security of Nigeria. They fuel crime, corrupt our youth, and provide resources for terrorism and insurgency.
“But for every kilogramme of cocaine intercepted, for every clandestine laboratory dismantled, for every major drug kingpin apprehended, a critical blow is delivered to these criminal networks. These victories, are no doubt the direct result of your dedication.”
He said the reward system he established is to maintain the momentum and keep the workforce in optimal condition—both materially and mentally, while ensuring high morale. “This is why we uphold our tradition of rewarding key virtues: hard work, loyalty, sacrifice, integrity, commitment, honesty, courage, and obedience. In addition to the traditional incentives such as promotions, training, and others (which we continue to work towards), we introduced this reward system: the CCEO Commands Awards and Commendations. This has become one of the primary ways management expresses appreciation for the efforts of the NDLEA workforce.
“If anything, our faith in the reward system has been proven right. Over the past four and a half years, we have witnessed an improvement in both the individual and collective ethos of our workforce. However, let us not forget that each gathering to celebrate and honour our finest efforts serves as a reminder to all officers of this noble agency that there is still much work to be done.
“For decades, we lagged behind, constrained by a lack of resources and limited capacity. Now that we are gaining momentum with increased capacity, we must work to roll back the influence and dismantle the structures put in place by drug cartels, using the full force of the law. In carrying out your duties, it is essential to operate within the parameters of our SOPs. Adhering to these guidelines ensures your protection”, he charged.
He expressed appreciation to local and international partners for believing in the Agency and supporting its efforts. “I cannot proceed without thanking our media partners for their collaboration and partnership in supporting our efforts. I would also like to express our gratitude to UNODC, INL, the UK Border Force, the French government, and the Government of Germany for their invaluable contributions.
“At home, we owe a great deal of thanks to the Senate Committee on Narcotic Drugs and the House Committee on Drugs and Narcotics, who, particularly over the past years, have been immensely supportive and crucial to the growth of the NDLEA as an institution. “Similarly, we extend our gratitude to the Minister of Justice and the Attorney General of the Federation as well as the Judiciary as an arm of Government. We must also express our deepest thanks to the President, His Excellency Bola Ahmed Tinubu, GCFR. We are where we are today because of the unwavering support we have received from these institutions, and we are optimistic that this support will continue, enabling us to fulfil our mandate of making Nigeria a drug-free country. Finally, we thank Nigerians for embracing the reforms we’ve implemented and for continuing to be one of our strongest partners”, he added
Marwa: Challenge of Drug Scourge Remains Monumental, Needs More Work to Be Done
National News
Chief of Air Staff vows to build a fearless, intelligent and combat-ready Air Force
Chief of Air Staff vows to build a fearless, intelligent and combat-ready Air Force
By: Zagazola Makama
The Chief of Air Staff, Air Vice Marshal Sunday Kyaoka Aneke, on Wednesday delivered a stirring and inspiring address before the Senate, declaring his unwavering commitment to build a “lethal, intelligent and combat-ready” Nigerian Air Force that will defend the nation with precision, discipline and purpose.
Speaking with rare candour and conviction, Aneke said his duty as Air Chief was not just a professional obligation, but a sacred covenant between the Air Force and the Nigerian people.
“As the Chief of the Air Staff, my duties are very clear, direct and simple to secure the lives, liberties and aspirations of Nigerians through the instrument of air power,” he said.
“This is not merely a professional mandate. It is a sacred trust between the Nigerian Air Force and the people we serve.”
Aneke, a battle-tested pilot and strategic thinker, told lawmakers that every decision he makes, every policy he drafts and every mission he authorises will be driven by a single objective to safeguard Nigeria’s sovereignty and preserve peace.
“Every decision I make will be guided by one purpose to protect our people and ensure that the Nigerian Air Force remains the shield of the nation,” he said.
He vowed to transform the Air Force into a force of speed, precision and intelligence capable of overwhelming threats before they emerge.
“If confirmed, I will dedicate myself to building a combat-ready Air Force one that is operationally versatile, disciplined and lethal,” he declared.
“I use the word lethal in a professional sense, because a man running from you will not have the time to sit down and plan. The Nigerian Air Force will respond swiftly, strike precisely and act intelligently across the full spectrum of military operations.”
Aneke said his vision was anchored on training, technology, safety and strategic innovation, noting that true military power is not measured by brute force but by superior intellect and adaptability.
“When you find yourself in a battle, it is not the strength you have that matters. It is the brain you have that solves the problem,” he said.
“We must use technology wisely and meet our adversaries with intelligence, not just strength.”
The Air Chief, known for his pragmatic leadership style, pledged to deepen inter-agency synergy, especially with the Navy and Army, to ensure unified and effective operations.
“I have served with the Navy and seen firsthand the challenges of joint operations. I will energise and strengthen collaboration among all the services. Together, we will fight as one force for one nation,” he said.
On the question of funding, Aneke offered a blunt but insightful reminder about the real cost of national security.
Aviation is a very expensive business,” he told the senators. You may hear N1.2 billion and think it is a lot, but in the aviation environment, that is like a spoon fetching from the ocean. To train one pilot or fire one missile costs tens of thousands of dollars and we do this every day.”
He appealed for sustained legislative support, insisting that national defence must never be compromised by budgetary hesitation.
“The Armed Forces is that part of government which you must spend money on and hope not to use,” he said.
“If you do not have it, you are a chicken waiting for the hawk. But if you have it, you can look anyone in the face and defend your country with pride.”
Drawing from his experience flying alongside top airmen in the United States and across the world, Aneke said Nigerian officers command respect globally for their professionalism, discipline and intellect.
“I have flown with Americans and officers from other nations. They respect us. A Nigerian is a proud person anywhere in the world all we need is support,” he said.
He concluded his address with an impassioned pledge to the nation:
“I will lead an Air Force that is fearless in the face of danger, relentless in the pursuit of excellence, and uncompromising in the defence of our homeland. We will make Nigeria proud.”
The Senate applauded Aneke’s vision, describing his words as both inspiring and reassuring a reflection of renewed determination within the Nigerian Air Force to defend the nation with courage, intelligence and strength.
Chief of Air Staff vows to build a fearless, intelligent and combat-ready Air Force
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