The Minister of Works and Housing, Babatunde Fashola, has stated that 44 road projects are present being financed under the Sukuk scheme.
Fashola stated this on Monday at the launch and handing over of Phase I and II of Vandeikya-Ogbudu Cattle Ranch road in Tsua, Vandiekya LGA of Benue.
Sukuk is an Islamic liquidity management instrument used by many governments and corporations to finance big projects.
Since the inception of the initiative in Nigeria in September 2017, the Debt Management Office (DMO) has offered three Sovereign Sukuk beginning in 2017, 2018, and 2020.
Earlier in November, the DMO stated that it would offer another N250 billion Sukuk to fund road projects.
Fashola stated that the finished road project would positively contribute to the lives of the host communities, commuters, and the general public.
“These projects represent major investment in road transport infrastructure, which is a commitment of the Buhari administration as a driver for economic growth and prosperity,” NAN quoted him as saying.
“They are visible and incontrovertible assets in proof of what Nigeria’s resources are invested in from a combination of our earned resources and borrowings.
“This occasion affords another opportunity to acknowledge the impact of the Sukuk funding in the completion of Azare — Potiskum, Shuwarin — Potiskum, and Sokoto-Tambuwal-Kontagora Roads.”
