FG releases N100bn SUKUK Fund to Ministry of Works

Mr. Babatunde Raji Fashola, Minister of Power, Works; Housing

The Federal Government of Nigeria has released the sum of N100 billion Sukuk Fund to the Ministry of Power, Works and Housing to fast rack infrastructural development in Nigeria especially roads.

The Minister of Finance Kemi Adeosun who presented the check to the contractors handling major road projects across the country said the fund will bring economic growth to the nation and financial inclusion to the development of the country.  In her words, “This is the first Sukuk for Nigeria as its is very important for the development in our financial markets and financial inclusion by producing and introducing new products in the financial markets”.

Similarly, Adeosun said that the use of the N100bn Sukuk Fund will be used among the six-geopolitical zones of the country as the efficiency of the money will unlock hidden potential in the economy across the country.

Also the Director, Highways and Planning development, Engr. Uzo Chukwuenweke said a total of 16.67billion naira will be shared equally among the zones as the fund have been directed to roads that brings economic growth to the country, the roads in the North Central include construction of Loko-Oweto bridge, dualisation of Abuja Lokoja road section 1 and 4, dualization of Suleja -Minna road of Phase 2 and dualization of Lokoja-Benin road section. For the North East, dualization of Kano-Maiduguri road of section 2,3 4 and 5.

Others include the South East which is the rehabilitation of Onitsha-Enugu Expressway, rehabilitation of Enugu-Port Harcourt sections 1,2,3 and the South-South which is the rehabilitation of Enugu-Portharcourt road, dualization of Yenegoa road junction to Kolo, Bayelsa palm and the dualization of Lokoja-Benin road of section 2,3 4 and the South-West which include the re-construction of Benin-Ofosu, Ore-Ajebande, Sagamu dual carriage way, phase 3 and 4 and the dualisation of Ibadan-Ilorin section 2 between Oyo and Ogbomoso, Uzo said,

However, the Managing Director, Reynolds Construction Company, (RCC), Mr. Musa Rackler who spoke on behalf of other contractors said the contractors handling the major projects Appreciated the gesture of the Federal Government has funding which has been a major challenge facing them has been looked into and reiterated their believe in the economy of Nigeria, a major reason why they have invested heavily their equipment and industries in the country, promised to make judicious use of the fund and make Nigerian roads durable.

 

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