The Debt Management Office (DMO) said that road projects in the Niger Delta and Federal Capital Territory (FCT) will take priority in the 10-year ₦250 billion road Sukuk instrument.
Patience Oniha, DMO director-general, while speaking at an event on Monday said the Federal Government is working to improve infrastructure in the country.
Oniha said FG is working to improve revenue so that spending on further capital projects can be sourced locally instead of through loans.
“Sukuk is one of the instruments we use for borrowing. This is tied to some specific projects,” the director-general said.
“The exchange rate has been relatively stable. Monetary policies affect lending rates. The Sukuk we are looking to issue today is for roads and bridges. This time around, we are working with the FCT and Niger Delta ministry — they have road projects.
“That is why the Sukuk we are issuing is bigger. Policy-wise, the government is working to improve infrastructure and the borrowing is going into infrastructure.
“We are also focused on [enhancing] revenue so that the government can spend from there.”
In the nation’s capital, the route leading to Apo roundabout from the Aso Rock villa area is one of the roads to be funded by the bond.
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