IFN Daily Updates: FGN N162.557bn Sukuk Bond To Be Deployed For 44 Road Projects in Nigeria
Despite the global financial market and economic uncertainty fuelled by the novel coronavirus, the Sukuk bond instrument remains a viable investment that could create value for different classes of investors, and support infrastructure financing for nations.
This edition of Islamic Finance Daily anchored by Bukola Akinyele focuses on the new development that Nigeria Minister of Works and Housing Mr Babatunde Raji Fashola received a sovereign Sukuk Symbolic Cheque of N162.557bn for the construction of 44 roads across the country.
Mr Fashola was presented with the cheque Yesterday in Abuja by the Minister of Finance, Budget and National Planning, Zainab Ahmed.
The fund is strictly dedicated to the financing of road projects in the Revised 2020 Appropriation Act. It also means that with the release of N162.557 billion to the Federal Ministry of Works and Housing, the amount appropriated for Road Projects in 2020 Budget has been fully released.