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
VP SHETTIMA TO ACF: Stand In Solidarity With President Tinubu’s Renewed Hope Agenda
VP SHETTIMA TO ACF: Stand In Solidarity With President Tinubu’s Renewed Hope Agenda
*Says all groups, communities, faiths, have a say in national conversation under Tinubu’s watch
*Urges resistance against mischief makers to divide Nigeria
By: Our Reporter
The Vice President, Senator Kashim Shettima, has charged the Arewa Consultative Forum (ACF) to stand in solidarity with the Renewed Hope Agenda of President Bola Ahmed Tinubu.
According to him, “there is no better time than now for the leaders of the North to stand together as one” in support of efforts by the Tinubu administration to wriggle the nation out of the economic and social morass it was hitherto enmeshed in.
The Vice President made the call on Wednesday during an audience with a delegation from the Arewa Consultative Forum (ACF) led by its Chairman of the Board of Trustees, Alhaji Bashir Dalhatu, at the Presidential Villa, Abuja.
Senator Shettima told members of the region’s apex socio-cultural organisation to resist the antics of a few mischief makers to fragment the unity of Nigeria.
He drew the distinction between greed and grievance as propounded by those he described as “architects of modern conflict,” observing that, “while some agitations arise from genuine grievances seeking justice and fairness, others are fuelled by greed—by the quest to exploit disorder for selfish gain.”
He said the task before the Tinubu administration is to spot the difference between genuine grievance and greed, with a view to embracing “legitimate calls for equity and inclusion, and to isolate the forces that seek to profit from chaos.”
“We have proven, time and again, that our diversity is our strength, that our differences in tribe, faith, and geography are the very bricks that make this house of destiny we live in. This is why we must continue to resist all attempts to divide us or stir mischief among us. Our future depends on unity, and unity must remain our creed,” he stated.
Dispelling claims of ethnic and religious slant by peddlers of marginalisation, VP Shettima stated categorically that every group, faith, and tribe has a voice in national issues under the Tinubu administration, and that no group will marginalized.
His words: “What we do as a government is to ensure that every group, every community, every faith, and every voice finds its place in the national conversation. We will never accommodate the marginalisation of any group. Our policies are designed to create opportunities for all—to lift every community through inclusion, education, and enterprise.”
The Vice President assured the northern leaders that they are an integral part of the Tinubu-led federal government, and that the administration is ready to partner with the ACF in advancing the cause of the region and the nation as a whole.
He said, “The trajectory of the North, however, has been a sobering one. We began as a region defined by stability, vision, and a deep commitment to building bridges across ethnic, religious, and geographic divides. But what we have inherited today is a geography scarred by insecurity, mistrust, and economic decline.
“We cannot afford to allow this chaos to fester. We owe our people not only the burden of ending the cycle of killings and destruction that have crippled our communities, but also the duty of ensuring justice for victims of violence and deprivation.
“This government is yours. Your interests shall always find representation here, for I am one of you. And where there is a shortcoming, I assure you that you have direct access to me. We exist to serve you, to represent you, and to uphold the values that make the North an equal stakeholder in Nigeria’s identity.”
Senator Shettima outlined what he described as deliberate steps being taken by the administration to reposition the fortunes of the North, saying the Renewed Hope Agenda of President Tinubu “prioritises education, agriculture, industrialisation, and security as the pillars of northern revival.”
He continued: “We are strengthening the foundations of education through reforms that empower local governments and promote fiscal autonomy at the grassroots. Through the Nigeria Education Loan Fund (NELFUND), millions of northern students now have access to tertiary education without the financial barriers that once held them back.
“We are expanding vocational and technical training centres to prepare our youth for roles in agriculture, manufacturing, and technology.”
The VP explained that under the current administration, Nigeria has moved beyond subsistence farming to large-scale commercial ventures that is transforming the vast arable land in the North into the nation’s food and industrial backbone.
“We are building agro-processing industries to create jobs and value chains, investing in microfinance systems to support smallholder farmers and MSMEs, and establishing industrial zones in key states such as Kano, Kaduna, and Sokoto to attract textile, leather, and food-processing industries,” he added.
On security, VP Shettima said national security remains the administration’s topmost priority. “Through coordinated security operations, we have neutralised notorious bandit leaders and restored relative stability to once-besieged communities. This is the foundation upon which we intend to rebuild the North—through peace, through justice, and through economic empowerment,” he noted.
Earlier, Chairman of the BoT of ACF, Alhaji Dalhatu, commended the Tinubu administration for its bold reforms, applauding the commitment and support of the Vice President for the achievements recorded so far.
The BoT Chair said, “We are proud of what you are doing as Vice President as well as the work and achievements of this administration. You are doing a good job of assisting the President in running the affairs of the country in difficult times. We are always happy to identify with you”.
He explained that the group was at the Presidential Villa to express solidarity with the government, and formally invite the Vice President to the forthcoming 25th anniversary celebration of the ACF as well as deliberations on the development of the region.
Alhaji Dalhatu said among other things, the ACF intends to launch an endowment fund to drive the socio-economic development of the northern region, especially in building models across different sectors that would be emulated by state governments in the region.
He added that the 25th anniversary celebration would also provide a platform for ACF to interact with other socio-cultural organisations across the country for the future and development of Nigeria.
For his part, Chairman of the National Executive Committee of ACF, Mamman Mike Osuman, said the socio-cultural organisation will use the 25th anniversary to showcase the potentials of the northern region and make a bold statement about its commitment to a one, prosperous, united country.
He pledged the ACF’s support for the actualization of the Renewed Hope Agenda and the realisation of targets of the Tinubu administration.
Also present at the meeting were the ACF Vice Chairman, Sen Ibrahim Ida; Secretary General, Murtala Aliyu, and BoT Vice Chairman, Amb Ibrahim Mai-Sule.
Others include, Alh Nasiru Danu; Ibrahim Sidi Bamalli; former IGP, M.D. Abubakar (rtd); Amb. Baba Ahmed Jidda; Mahmud Yayale Ahmed; Lt. Gen. Abdurahman Bello Danbazau (rtd); Nasiru Sani Isa (Wamban Kebbi); Hon. Beni Lar; Maimuna Yaya Abubakar; Aishatu M.S. Ismail; H.E. Muktar Lamara Yero; DIG Habila Joshak (rtd), and Mrs Christine Gadzama.
VP SHETTIMA TO ACF: Stand In Solidarity With President Tinubu’s Renewed Hope Agenda
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
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