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FG raises N742.56bn Sukuk fund for road projects
The Federal Government, through Debt Management Office (DMO), has raised N742.56 billion via Sovereign Sukuk for the construction and rehabilitation of roads across the country.
This is from 2017 till December 2022. Director General of DMO, Patience Oniha, made the disclosure in Abuja on Monday while presenting the 2022 Sovereign Sukuk cheque of N130 billion to various implementing ministries (Works and Housing and Federal Capital Territory (FCT).
She stated that the money will be released as part of the Capital Expenditure in the 2022 Appropriation Act, which has been extended by the National Assembly to March 31, 2023.
According to her, the Sukuk issuance journey has paid off with the first N100 billion realised in September, 2017.
She said: “The DMO has issued Sukuk four more times bringing the total amount raised as at December 2022 to N742.56 billion. From the Sukuk issued between 2017 and 2021, a total of N612.56 billion was raised and deployed to the construction and rehabilitation of sections of 71 roads and four bridges covering a total of 2,820.06km.
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“I wish to commend the implementing Ministries and their various contractors for supporting the DMO in this initiative. Not surprisingly, the two Ministries are also beneficiaries of the N130 billion 2022 Sovereign Sukuk, whose proceeds will be similarly deployed to road projects”
Oniha added that through the Sovereign Sukuk initiative, the DMO has demonstrated its strong alignment with the policy of President Muhammadu Buhari infrastructural development.
She noted that the agency has positioned itself not only as one for managing the public debt including borrowing on behalf of the Federal Government, but as an active stakeholder in the domestic capital market through innovation, investor engagement and collaboration with other stakeholders.
“These have deepened the market, created benchmarks for other borrowers and promoted financial inclusion by providing a retail product, FGN Savings Bond, as well as, Sukuk and Green Bonds for ethical investors”, she stated.
Earlier in her remarks, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, noted that Sukuk, a project-tied debt instrument, was one of the many innovative and very successful initiatives of the Buhari administration towards financing the development of critical infrastructure in the country.
She gave a breakdown of the beneficiary Ministries as: Federal Ministry of Works and Housing – N110,000,000,000 and the Federal Capital Territory Administration – N20,000,000,000.
“As at November 2022, N1.88 trillion had been released as Capital Expenditure, which represents about 40 percent performance when compared to the total Capital Budget of N4.7 trillion. This informed the need to extend the period to implement the capital component of the 2022 budget”, she explained.
SUN
News
Updated: NNPC blames fuel scarcity on panic buying, hoarding, marketers disagree
Updated: NNPC blames fuel scarcity on panic buying, hoarding, marketers disagree
The Nigeria National Petroleum Company Limited (NNPCL) has attributed the ongoing fuel scarcity in the country to panic buying and sharp practices by some petroleum marketers. But the marketers have refuted the claim, asserting that inadequate supply is the primary cause of the persistent scarcity.
The NNPCL assured the public that the fuel queues across the country would disappear by next week.
It stressed that it had sufficient fuel reserves to resolve the scarcity issue. This statement came in response to concerns raised by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other stakeholders regarding the scarcity.
The NNPC spokesperson, Femi Soneye, had earlier indicated that the corporation had over 1.5 billion litres of petroleum products, enough to last for at least 30 days.
But some individuals were allegedly exploiting the situation for profit.
Petroleum marketers maintained they were not responsible for the fuel scarcity, as they are not importers of petrol. According to the National Vice President of IPMAN, Hammed Fashola, blaming marketers for hoarding petrol was unfounded as they could only divert the product if available.
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Furthermore, Chinedu Ukadike, the National Public Relations Officer of IPMAN, emphasized that independent marketers operate their businesses to maximize profit and return on investment. He highlighted the challenges faced by marketers in ensuring product availability and dismissed allegations of sharp practices.
Similarly, the Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, acknowledged the existence of sharp practices within the oil sector but argued that it is too simplistic to attribute the fuel scarcity solely to such practices.
To address the fuel scarcity effectively, stakeholders emphasize the need for increased distribution of petroleum products by regulatory authorities. They also call for the involvement of security agencies to deter profiteering and ensure fair distribution to consumers across the country.
Updated: NNPC blames fuel scarcity on panic buying, hoarding, marketers disagree
News
Lagos issues 48hr quit notice to Ikoyi Towers’ illegal squatters
Lagos issues 48hr quit notice to Ikoyi Towers’ illegal squatters
Lagos State Government has issued a 48 hours ultimatum to illegal squatters at abandoned Ikoyi Towers, Lagos Island to evacuate.
The State Commissioner for the Environment and Water Resources, Mr. Tokunbo Wahab, gave the notice on Saturday, during an inspection of some identified sites, including the abandoned Federal Government property, Ikoyi Towers.
The Ikoyi Towers, located behind the abandoned Federal Secretariat, Ikoyi, comprise of three blocks of 12 floors, tagged: A, B and C.
Wahab said the quit notice has become necessary to protect lives which is the primary function of any responsible and responsive government.
According to him, “Apart from constituting an environmental nuisance, they are security risk to the state which can be used as hideouts for criminal elements to perpetrate their nefarious acts.
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“Lagos State Governor, Babajide Sanwo-Olu is passionate about the well-being and safety of all citizens and would spare nothing to ensure these ate achieved.”
The occupants of the building, who are largely security personnel, appealed to the commissioner to give more time inorder to make proper arrangement for relocation as they have no place to go immediately.
One of the occupants, who simply identified himself as Mallam Abubakar, from Ilorin, Kwara State, said he is a Police Spy, and moved into the building in November 2023.
According to Abubakar,”The agent collected N200, 000, one off rent from each of the occupant, numbering hundreds of us.
“We have our families here. Our children are in schools. Where do we go from here? Government should have compassion on us this harsh economy.”
Lagos issues 48hr quit notice to Ikoyi Towers’ illegal squatters
News
Give Nigerians affordable, quality vehicles, Tinubu challenges auto manufacturers
Give Nigerians affordable, quality vehicles, Tinubu challenges auto manufacturers
President Bola Tinubu has urged the Nigerian Automotive Manufacturers Association to devise ways of producing vehicles that would be affordable for all categories of Nigerians.
He said this is necessary as the government rolls out consumer credit for millions of Nigerians to purchase vehicles and other important goods and services.
He also urged the delegation to ensure that locally manufactured vehicles are of the highest standard that would stand the test of time, and complement the government’s efforts in revitalising the automotive industry.
Tinubu said this when he received a delegation of the African Association of Automotive Manufacturers and the Nigerian Automotive Manufacturers Association in Aso Rock presidential villa on Friday, according to a statement by presidential spokesman Ajuri Ngelale.
The President, represented by his Chief of Staff, Femi Gbajabiamila, met the members led by the Minister of Industry, Trade and Investment, Ms Doris Uzoka-Anite, on Friday in Abuja.
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The delegation had earlier notified the President of their efforts to start manufacturing vehicle and spare parts in Nigeria.
He said that a legislative bill to drive the automotive industry was being drafted and reviewed by the Federal Ministry of Justice.
They emphasised the need to develop the industry, which would create massive employment for youths and ease the burden on the much-needed foreign exchange.
The delegation consisted of the Director-General of the National Automotive Design and Development Council (NADDC), Mr Oluwemimo Osanipin.
Others are the representatives of the Nigerian Airspace Management Agency (NAMA), as well as Executive Directors of Stallion Group, Toyota/CEAO and NISSAN.
Give Nigerians affordable, quality vehicles, Tinubu challenges auto manufacturers
(NAN)
Updated: NNPC blames fuel scarcity on panic buying, hoarding, marketers disagree
FG threatens to stop funding tertiary institutions with poor performance
Don’t impose assistants on Finidi — Udeze warns NFF
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