– 25 roads have been identified to be fixed by the ministry of works
– This will be done with the N100b Sukuk proceed
The 25 roads that will be fixed with the N100 billion Sukuk bond proceeds have been released.
Kemi Adeosun who is the minister of finance had presented the N100 billion proceeds to Babatunde Fashola, the minister of power, works and housing on Thursday, October 5.
The minister had said the proceeds would be used to support the federal government’s capital spending for 2017
She said: “The proceeds will be used to further support government capital spending for 2017 – the construction and rehabilitation of 25 key economic roads across the six geo-political zones of the country,” the finance minister said.
“The roads will ease commuting, spur economic activities across the country and further close our infrastructural gap. Each of the six geo-political zones is expected to receive the sum of N16.67 billion for road projects in their respective zones.
“The north central and south-south zones accounted for five each of the 25 key economic road projects, while the north-east, north-west and south-east have four road projects each. Three projects are to receive funding from the sovereign Sukuk proceeds in the south-west zone.”
See full details provided by Budgit below:
Meanwhile, the Christian Association of Nigeria (CAN) insisted that it will not accept the Sukuk bond describing it as a form of islamisiation of the country.
In an interview with The Punch, the general secretary of CAN, Rev. Musa Asake, said CAN would go to court if need be claiming that it would not accept it.