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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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Interior Minister Signs Performance Contracts, Urges Agencies to Boost Service Delivery

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Interior Minister Signs Performance Contracts, Urges Agencies to Boost Service Delivery

By: Michael Mike

In a significant move to bolster public service efficiency, Nigeria’s Interior Minister, Hon. Olubunmi Tunji-Ojo has formalized performance contracts with heads of agencies under the Ministry of Interior. This initiative aims to strengthen institutional legacy and ensure measurable improvements in service delivery.

Speaking in Abuja on Saturday at the conclusion of the 2025 retreat of the Ministry of Interior, the minister highlighted the event, which also featured the signing of performance contracts by all board members.

He said: “This initiative is about the effect on Nigerians and on Nigeria as a whole.”

Tunji-Ojo during the signing ceremony, said: “Our Ministry signed a performance contract with Mr. President last year, and after executing that for a year, it is time to extend this level of accountability to each agency.”

The performance contracts, which include measurable timelines for delivery, are designed to improve services to Nigerians and align with President Bola Tinubu’s Renewed Hope Agenda, he noted.

The Minister also emphasized that this exercise is not merely symbolic but is intended to have a meaningful impact on Nigeria’s security landscape.

Challenging common stereotypes, Tunji-Ojo commended the ministry’s staff for their commitment and hard work. He said: “Some people often say civil servants are ‘evil servants.’ Personally, I do not share that view. I have had the privilege of working with some of the best people God has created here in the Ministry of Interior.”

The Minister paid tribute to M.T. Umar, who retired after 35 years of service, describing him as central to Nigeria’s passport reforms. “The story of our passport revolution cannot be told without his name,”

He further stated that retirement does not depriving your nation of your knowledge, your character, or your service.

He urged staff to emulate Umar’s loyalty and integrity, stressing that “talent and brilliance are important, but it is loyalty and integrity that sustain a career.”

Addressing the agencies under the ministry the Nigeria Immigration Service, NSCDC, NCoS, FFS, and NIMC the minister commended their achievements but called for greater efforts in immigration reforms, protection of critical assets, correctional transformation, emergency response, and data security.

He said: “Our task is to ensure Nigerians feel our impact in their daily lives through safer communities, efficient services, and systems that inspire trust,” while further reminding the agencies that their collective output contributes directly to President Bola Tinubu’s Renewed Hope Agenda.

Meanwhile, heads of key agencies pledged to scale up performance following the retreat.

Commandant-General of the Nigeria Security and Civil Defence Corps (NSCDC), Ahmed Audi, said the exercise offered a chance to review past achievements and correct lapses. “From the contracts we signed last year, we have fared very well. But of course, there are areas for correction, and that is the essence of this retreat,” he said.

Acting Controller-General of the Nigerian Correctional Service (NCoS), Sylvester Nwakuche, described the retreat as timely. “Sometimes when you are busy trying to improve performance, you need to take time to measure yourself. By the first part of next year, we should be able to appraise our progress,” he said.

For his part, Controller-General of the Federal Fire Service, Samuel Olumode, said the exercise was an “eye-opener” for his agency. “By the next retreat, there will be positive impact, and Nigerians will know there is a new fire service in place,” he assured.

Olumode stressed that the performance contracts were a pledge of accountability. “It’s all about signing a bond to let the Nigerian public know it’s not business as usual. We must strengthen mechanisms that make us perform and give real value to our jobs.”

Interior Minister Signs Performance Contracts, Urges Agencies to Boost Service Delivery

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Kaduna police rescue kidnapped woman, arrest two suspects

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Kaduna police rescue kidnapped woman, arrest two suspects

By: Zagazola Makama

The Kaduna State Police Command has rescued a kidnapped woman and arrested two suspects in connection with the crime in Kachia Local Government Area of the state.

Sources said the incident followed a report by one Williams Ayuba of Azara village, who disclosed that his wife, Theresa Williams, was abducted while working on their farm at Bishini village on Aug. 27.

Zagazola learnt that the operatives from Katari Division, in collaboration with sister security agencies, launched a search operation in the surrounding forests.

Sources added that on Aug. 29, acting on credible information, the Assistant Commissioner of Police in charge of Jere mobilised a rescue team which successfully rescued the victim unhurt.

The sources saod two suspects, Ibrahim Abdullahi, of Nasarawa Toto, and Kabiru Abdullahi, of Mallam Tanko village, were arrested.

“The suspects have confessed to the crime and provided useful information to the police. Efforts are ongoing to arrest other fleeing members of the gang,” it added.

The victim, the sources said, was taken to Abaku Hospital for medical attention and has since been reunited with her family.

Kaduna police rescue kidnapped woman, arrest two suspects

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Four Soldiers Injured in Vehicle Accident on Mambilla Plateau

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Four Soldiers Injured in Vehicle Accident on Mambilla Plateau

By: Zagazola Makama

Four Nigerian soldiers have sustained injuries in a vehicle accident on the Mambilla Plateau in Taraba State.

The accident occurred on Thursday while the troops were moving across the mountainous terrain of the area, Zagazola reports.

The Emir of Mambilla, Dr. Shehu Audu Baju, was said to have personally joined in the rescue operation to ensure that the soldiers received prompt assistance.

Following the rescue, the injured personnel were evacuated to the 20 Battalion Barracks in Serti for urgent medical care.

Community members and traditional leaders in the area have expressed sympathy and prayed for the speedy recovery of the soldiers, while also calling for the safety of other security operatives on duty.

Four Soldiers Injured in Vehicle Accident on Mambilla Plateau

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