How FG will spend N100bn Sukuk bond – Fashola

The Minister of Power, Works and Housing, Babatunde Fashola, has said the federal government would spend the N100bn to be raised from the issuance of the Sukuk Bond for the reconstruction and rehabilitation of 25 arterial roads.
The Minister stated this while addressing members of the Manufacturers Association of Nigeria (MAN) who visited him in his office.

He said the sum of N16.7bn would be allocated for each geo-political zone across the country.
Fashola gave some of the prioritised 25 road projects as “the dualisation of Ibadan-Ilorin road, Suleja-Minna road, Kano-Maiduguri Road, Lokoja-Benin road, rehabilitation of Enugu-Port-Hartcourt Expressway and the construction of Kaduna–Eastern bye-pass, amongst others.”
He added that “the ministry is in the process of re-introducing the tolling system on completed Federal Highways in order to sustain the maintenance of these roads.”
The President of MAN, Dr. Frank Jacobs, commended the minister for the on-going rehabilitation of Lagos-Ibadan, and Onitsha-Enugu expressways as well as other strategic roads across the country.

The proposed Sukuk bond, which has been described as a safe and low risk investment, is being issued by Debt Management Office Sovereign Sukuk with a seven-year tenor.