The Debt Management Office (DMO) says its latest offer of N250 billion sovereign Sukuk, the fourth in the series, would be deployed to three benefitting ministries.
On Monday, the Director-General of the DMO, Patience Oniha, disclosed this at an investor meeting for the 2021 Sukuk.
Ms Oniha said the proceeds would upgrade some roads in the Federal Capital Territory through the FCTA and the Niger Delta through the Ministry of Niger Delta Affairs.
She, however, added that a chunk of the proceeds would still go into upgrading critical road infrastructure across the country through the Federal Ministry of Works and Housing.
“The funds would be used for economic roads identified by the Federal Ministry of Works and Housing, the FCTA and the Ministry of Niger Delta Affairs,” she said.
The DMO boss urged Nigerians to take advantage of the opportunity to invest in the offer as it guaranteed a good return on investment.
Ms Oniha also stated that the last three Sukuk offers were oversubscribed, indicating that the model had become acceptable to Nigerians.
According to Oyeniyi Azeez, the director of Infrastructure Development in the Niger Delta ministry, the proceeds allotted to the ministry would be used to complete portions of the East-West Road, which cuts across the region.
“We are delighted to be part of this Sukuk funding,” he said.
Yiltong David, the deputy director of Highway Planning and Development at the works and housing ministry, said that the Sukuk funds would assist the ministry complete some of its ongoing road projects.
“About 10 roads will be completed next year. The proceeds of this Sukuk are targeted at roads labelled A1 to A9. The Sukuk funding has been very helpful, and if you travel across the country, the results of Sukuk are evident on our roads,” said Mr David.
The meeting provided an opportunity for interaction between the DMO, its financial advisers, the benefiting federal ministries, and the issuing houses.
(NAN)