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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.
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Tinubu jets out to France on three-day visit
Tinubu jets out to France on three-day visit
President Bola Tinubu will travel to France today (Wednesday) for a three-day state visit at the instance of the French president.
A statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, confirmed this.
It said, “The Nigerian leader’s three-day visit, which will focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria.”
Onanuga said Tinubu and Macron would harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.
“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication,” he added.
“They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.”
The presidential adviser stated that the Nigerian first lady and her French counterpart would discuss solutions for empowering women, children, and the most vulnerable through the Renewed Hope initiative.
News
Yahaya Bello reports to EFCC office with lawyers
Yahaya Bello reports to EFCC office with lawyers
A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.
Bello went to the anti-graft office with his lawyers in the morning.
The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.
He was said to have been taken by some operatives of the agency and are currently being grilled.
This is coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.
The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.
It stated that the 30-day window was still running for the summons earlier issued.
News
Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct
Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct
Ebonyi State Governor Francis Nwifuru has announced the immediate suspension of two commissioners with a permanent secretary among others for gross misconduct.
Those suspended are the Commissioner for Housing and Urban Development Francis Ori, and the Commissioner for Health, Moses Ekuma, with the Permanent Secretary of the Ministry of Health.
The suspension followed an incident on Saturday night, when the governor reportedly visited the Ministry of Health’s premises and was said to have found six officials diverting government materials.
Others suspended for three months are the Executive Secretaries of the State Primary Healthcare Development Agency and the Ebonyi State Health Insurance Agency
The suspension order was announced by the state Commissioner for Information, Jude Okpor, who cited alleged misconduct and dereliction of duties as the reasons for the disciplinary actions.
Okpor made the disclosure on Tuesday during a press briefing on the outcomes of the State Executive Council meeting held on Monday at the New Government House in Abakaliki, the state capital.
“Following cases of gross misconduct and dereliction of duties by some government officials and matters related thereto, the Chairman of Council directed the indefinite suspension of the Honourable Commissioner for Housing and Urban Development and three months suspension of the Honourable Commissioner for Health, respectively
“In view of the development, the Special Assistant to the Governor on Primary Health was directed to take charge of the ministry in the absence of the suspended commissioner.
Governor Nwifuru directed the suspended government officials to hand over all government properties in their possession including vehicles to the Secretary to the State Government.
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