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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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President Tinubu: Nigeria Resolute About Building Efficient Borders Across Africa

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President Tinubu: Nigeria Resolute About Building Efficient Borders Across Africa

  • Says fragmented markets posing threats to border efficency

By: Our Reporter

President Bola Ahmed Tinubu has reaffirmed Nigeria’s resolve to work towards building an Africa where borders are efficient enough to facilitate trade and other economic opportunities instead of hindering them.

He implored African nations to be disciplined in working towards building borders that meet the high demands and rapid pace of contemporary technological advancement.

Speaking on Monday in Abuja when he declared open the Customs Pact – Partnership for African Cooperation in Trade, the President expressed delight to be a part of the event, which brought together partners and leaders from across the continent, saying it demonstrates the collective resolve to discard the old habit of accepting slow borders as destiny.

President Tinubu, who was represented by his deputy, Vice President Kashim Shettima, said while nations exist to complement one another, size, resources, and talent are inconsequential if they are trapped behind inefficient borders and fragmented markets.

“Nigeria remains firmly committed, structurally and operationally, to building an Africa that trades by design, where integration is practical, measurable and effective. Our ambition is simple: a continent where borders facilitate opportunities rather than inhibit them,” he declared.

Maintaining that “fragmented markets cannot achieve industrial scale, negotiate effectively with global powers, or withstand external shocks, the Nigerian leader noted, however, that integration “enables large-scale industrialisation, collective bargaining strength and resilient supply chains.”

Nigeria, according to him, is approaching this responsibility with practical systems and infrastructure rather than rhetoric, even as he said the strength of a continental market can only be engineered and not declared.

President Tinubu stated that while Africa had already taken the hardest step by agreeing on integration through the African Continental Free Trade Area (AfCFTA), what is crucial at the moment is execution.

“Success will be judged not by communiqués but by real outcomes: shorter border-crossing times, reliable local-currency settlements and efficient movement of goods across borders and ports. Our vision must translate from conference halls to the daily experiences of traders, manufacturers, logistics operators and farmers,” he maintained.

The President recalled that the urge to deliver the dividends of democracy to Nigerians informed his administration’s decision to reform “structural barriers to trade and investment, removing bottlenecks that limit competitiveness, and rebuilding institutions for efficient regional integration.”

In achieving this, he said the administration quickly embarked on unifying the foreign exchange window, removing fuel subsidies to redirect resources to critical infrastructure, and modernizing port operations with 24-hour clearance.

He continued: “We adopted the Pan-African Payment and Settlement System to boost intra-African trade, and we prioritised non-oil export growth across key sectors. These reforms reinforce one another, creating a coherent foundation for stronger continental commerce and competitiveness. Each decision was a step towards a Nigeria that trades with confidence and an Africa that negotiates from a position of strength.

“We believe that our institutions have been deliberately aligned into a unified trade-enablement architecture, dismantling the traditional silos that once separated agencies. The Nigeria Customs Service now advances digital clearance systems and risk-based inspections.

“The Nigerian Ports Authority drives port efficiency. The Central Bank enables local-currency settlements through PAPSS. The Standards Organisation harmonises product standards with continental frameworks. NEPC and NEXIM Bank strengthen export readiness and provide targeted financing.

“This coordinated, integrated institutional approach is essential for successful continental integration, for no single agency can deliver the scale of reform required for Africa’s prosperity.”

On the level of impact of the collective reforms on the nation’s economy, the Nigerian leader said it “is measurable, demonstrable, and progressively accelerating.

He added: “Intra-African trade is projected to expand from fifteen percent in 2023 to twenty-five percent by 2030 under AfCFTA frameworks. Nigeria’s non-oil exports to African markets increased thirty-eight percent year-on-year in 2024. Cargo clearance time at major seaports has reduced by approximately thirty percent since 2023.

“Paper-based compliance processes are being systematically replaced through digital trade reforms and automation. These metrics validate a fundamental principle: when structural barriers fall and systems function predictably, African trade expands rapidly and dynamically. Outcomes are never in doubt when processes are disciplined.”

President Tinubu described the National Single Window as central to Nigeria’s continental trade strategy, assuring that phase one of the transformative digital platform will go live in March 2026, “with full rollout by December 2026.

“It will allow businesses to submit import and export information once through a unified portal, automate inter-agency data sharing and real-time processing, apply risk-based compliance to speed up clearance for legitimate traders, and cut cargo clearance time from twenty-one days to under seven.

“This will significantly boost port productivity. Fully aligned with AfCFTA digital frameworks, the National Single Window positions Nigeria as a continental standard-bearer for customs digitalisation and seamless intra-African commerce,” he further stated.

Earlier, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, urged relevant authorities in Africa to continue to dismantle barriers that hinder trade and revenue generation.

She stressed that the Federal Government of Nigeria remains committed to supporting modernisation initiatives within customs administrations and aligning with global best practices aimed at creating a business-friendly environment.

The minister further expressed Nigeria’s commitment to ensuring that AfCFTA delivers tangible benefits for citizens while improving the ease of doing business at the borders.

For her part, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said that under President Tinubu’s decisive leadership, the administration has achieved a unified exchange rate, strengthened fiscal discipline, and is on course to accelerate regional economic integration under the Renewed Hope Agenda.

She maintained that Nigeria’s commitment to AfCFTA implementation remains unwavering, while urging participants to build an Africa that trades more with itself.

Also, the Secretary-General of the World Customs Organization (WCO), Ian Saunders, applauded ongoing reforms by the Tinubu administration, assuring that the WCO stands with Nigeria in facilitating legitimate trade.

He also praised heads of Africa’s Customs for their efforts in incorporating modern standards into their operations, adding that leadership, investment, and consolidating gains in customs administration remain valuable.

The Executive Vice President of Afreximbank, Kanayo Awani, backed modernisation as a positive initiative adopted by several customs administrations, including Nigeria.

On his part, the Comptroller-General of Customs, Bashir Adewale Adeniyi, urged relevant authorities and stakeholders to adopt cross-country trade facilitation and integration, emphasizing, “We cannot continue to work in silos.”

According to Adeniyi, the primary outcome of the engagement in Abuja, which involved all African regions, is to ensure that customs administrations are more actively engaged in AfCFTA implementation, while strengthening dialogue and mutual understanding between customs administrations and the private sector across the continent.

The Secretary-General of AfCFTA, Wamkele Mene, assured that the Secretariat will work closely with the NCS to ensure that the objectives of C-PACT unfold into a pleasant reality.

President Tinubu: Nigeria Resolute About Building Efficient Borders Across Africa

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Quit illicit drug trade now or get ready for more hard time, Marwa warns barons, cartels

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Quit illicit drug trade now or get ready for more hard time, Marwa warns barons, cartels

By: Michael Mike

Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA) Brig. Gen. Buba Marwa (rtd) has warned drug barons, traffickers and their cartels to quit the criminal trade or face more hard time during his second tenure.

Marwa, who was reappointed by President Bola Tinubu for a second tenure of five years on Friday told jubilating management staff, officers, men and women of the agency who gathered to welcome him at NDLEA National Headquarters in Abuja following the presidential announcement that his second tenure will be hell and bleak for those who fail to quit the illicit drug trade.

He expressed appreciation to the president for the recognition of ongoing efforts against substance abuse and illicit drug trafficking in the country.

He said: “First of all, what a surprise, I did not expect to come back from jumat service to meet these great felicitations, dancing and singing by our personnel. Thank you very much. We would like to thank the almighty God, because always the glory has to go to Him for everything. We thank the President and Commander-in-Chief for the special recognition of our collective efforts and the new mandate for us to continue with the war against drug abuse and trafficking. I thank the management, officers, men and women of the agency, who continue to provide service to the nation 24/7, in spite of the risks that you all face.”

He also acknowledged the unflinching support by the Hon. Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN and the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun while also expressing thanks to “all our local and international partners, with whom we have continued to collaborate towards ridding Nigeria of illicit substances.”

He added that: “First, this word must go to the cartels. The cartels have not seen anything yet. I promise them this second tenure is going to be hell and bleak for them. Drugs shall not pass, in or out or within Nigeria.”

He reaffirmed the agency’s commitment towards President Tinubu’s mandate, assuring that “in line with our Act, we will continue to do our level best. I remember in my inaugural speech, the day I took over, and I said very clearly that NDLEA will be feared by the drug cartels. And that’s just the beginning.

“At the same time, I must appeal to those who are engaged in illicit drug trafficking that this is the right time for them to drop that criminal business and face something legitimate. It is in line with that that we established the Alternative Development Unit, which seeks to persuade those who are perpetrating the illicit drug activities, particularly cannabis growers, who are our greatest challenge in Nigeria, to desist from the habit, collaborate with us. We are going to support towards licit cultivation of crops that are legitimate, legal, and you can sleep with your two eyes closed.

“But those who refuse to do that can be sure that the NDLEA is up and able on its task of law enforcement. You will be arrested, the drugs will be seized, and your assets will be confiscated. So, you come out from jail, there will be nothing left.”

He also assured that the agency will remain committed to its drug demand reduction efforts. “I’ll take the opportunity again to announce the rededication of our efforts towards prevention, sensitization, counseling, treatment, and rehabilitation of our children in our 30 rehabilitation centres. And with the support of the President and the Renewed Hope Agenda, seven more rehab centres are coming up under the 2025 budget that will now make every state to have its own rehab centre.

“And as well, there will be zonal rehab, more rehab centres and we are getting full collaboration from the Honourable Minister of Health. We appreciate his efforts also, and the Honourable Minister of Education, who has accepted our recommendation for drug tests for our children on admission to tertiary institutions, so that with this we can catch them young before it gets into addiction stage. May the Almighty God bless our President, bless all those that are supporting us, bless the officers, men and women of NDLEA.”

Quit illicit drug trade now or get ready for more hard time, Marwa warns barons, cartels

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India High Commission, KADIFF Screen Short Movies in Abuja

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India High Commission, KADIFF Screen Short Movies in Abuja

By: Michael Mike

High Commission of India, in collaboration with the Kaduna International Film Festival (KADIFF) has organized a special short Movie Screening and Panel Discussion.

The event, which held at the Chancery premises, was inaugurated by High Commissioner Amb Abhishek Singh, and brought together a vibrant cross-section of participants from the diplomatic community, including Heads of Mission, members of the Nollywood fraternity, film professionals, cultural enthusiasts, influencers, and friends of India.

The evening featured the screening of two thought-provoking short films — the Indian short film “Good Morning”, and the Nigerian film “Not So Long a Letter”.

Following the screenings, a lively panel discussion was held on the theme: “Celebration of our rich cultural heritage and the need for collaboration.”

The panelists, including Swat Duniah-Adalumo – Moderator (Journalist), Dr. Ahmed Sarari (Filmmaker), Francis Duru (Actor/Filmmaker) and Stephnora Okere (Actress/filmmaker) exchanged insights on how cinema can deepen mutual understanding, promote cross-cultural narratives, and foster creative partnerships between the Indian and Nigerian film industries.

The initiative was part of the High Commission’s ongoing efforts to strengthen India-Nigeria cultural relations and promote Indian cinema through shared artistic expressions and storytelling traditions”

India High Commission, KADIFF Screen Short Movies in Abuja

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