FG raises N742.56bn Sukuk fund for road projects – Newstrends
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FG raises N742.56bn Sukuk fund for road projects

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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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EFCC hands over recovered assets to Enugu govt

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Governor Peter Mbah of Enugu and Executive Chairman of EFCC Mr Ola Olukoyede

EFCC hands over recovered assets to Enugu govt

The Economic and Financial Crimes Commission, EFCC on Wednesday, released 14 properties initially forfeited to the Federal Government to Enugu State Government, following the request by the Governor Peter Mbah administration.

The properties were handed over to the Governor Mbah, by the Executive Chairman of EFCC, Mr Ola Olukoyede, during a brief ceremony at the agency’s corporate headquarters in Abuja.

This was even as Governor Mbah assured that the recovered assets would be used to the optimum benefit of the people of Enugu State.

Speaking at the event, Olukoyede, who disclosed that the road to the forfeiture dated back to 2007, said the event spoke of the mutually beneficial relationship existing between the federal government and states.

Commending Dr. Mbah “for the great work he is doing in Enugu State”, the EFCC Chairman said the President was very much interested in the state-of-the-art hospital that the Mbah administration proposed to build in Enugu State, saying the structures for medical facilities among the released assets would go a long way in helping to realise the Mbah vision for the benefit of not just Enugu State, but the entire country and beyond.

“What we are witnessing today testifies to a symbiotic relationship that should exist between the federal government and the state governments. The essence of our meeting here today is for us to handover properties that were forfeited to the federal government, which of course belong to Enugu State people, back to the people. It shows that governance can work in Nigeria.

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“If you look at the history of this particular matter, it takes us back to 2007 when we started the prosecution. So, we are looking at about 17 years since the matter has been on. Eventually some of the properties were forfeited and since then, the EFCC has been managing those properties even though the titles of quite a number of the properties have been revoked by the Enugu State government,” Olukoyede said.

Earlier in his remarks, Governor Mbah, who noted that the properties were forfeited not to his state but to the federal government, expressed gratitude to President Bola Tinubu for making it possible for the assets to be returned to the government and people of Enugu State.

“The importance and significance of this event can never be lost on us and we do not also take it for granted. Those assets were forfeited to the federal government. And this brings me to another gratitude that I want to convey here today. So, I want to acknowledge and recognise the important role played by the President, His Excellency Bola Ahmed Tinubu. Without the proactiveness and speed at which he acted on our request to cede these assets back to the people and government of Enugu State, we wouldn’t have been here today. Therefore, I want to thank him most sincerely for granting our request for these assets that were forfeited to the federal government to be ceded back to Enugu State.

“I want to assure us that those properties would be used for the benefit of the people of Enugu state. All the assets without any exemption, and they would be deployed to optimum use for the benefit of the people of Enugu state.”

He also lauded Olukoyede’s initiatives at making the EFCC a strong institution and the role of the EFCC in the release of the properties to the state.

“I will not end this remark without acknowledging the work the EFCC chairman and his team are doing in strengthening this very important institution. Thank you very much particularly for the effort that you have put in to make today a reality,” the governor stated.

The properties comprise houses, transmission equipment for radio and television stations, a building for medical operations, among others.

EFCC hands over recovered assets to Enugu govt

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NiMet predicts three days sunshine, thunderstorms across Nigeria

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NiMet predicts three days sunshine, thunderstorms across Nigeria

The Nigerian Meteorological Agency (NiMet) has predicted sunshine and thunderstorms across the country from Wednesday to Friday.

In its weather outlook released on Tuesday, NiMet predicted sunny atmosphere over the northern region throughout the forecast period.

NiMet envisaged isolated thunderstorms over parts of Kebbi, Taraba, Zamfara, and Kaduna during the afternoon and evening periods.

The agency predicts sunny skies with few cloud patches over the north-central region during the morning hours.

The forecast predicts isolated thunderstorms later in the day over parts of Niger, the Federal Capital Territory, Kogi, and Kwara states.

“The southern region should be cloudy with spells of sunshine; more cloud buildup is expected over the coastal parts, with chances of isolated thunderstorms over parts of Lagos, Cross River, and Akwa Ibom states during the morning hours.

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“Isolated thunderstorms are expected over the south-west Inland, including the coastal parts of Lagos, Cross River, Akwa Ibom, Delta, Rivers, and Bayelsa states, later in the day.”

The agency also predicted sunny skies on Thursday and Friday with few cloud patches over parts of the north-west, while parts of the north-east are expected to be sunny and dry in the morning hours.

“Progressing into the day, isolated thunderstorms are expected over parts of Niger, the Federal Capital Territory, Kogi, and Kwara states,” the agency said.

“The southern region should be cloudy with spells of sunshine; more cloud buildup is expected over the coastal parts.

“There are potential isolated thunderstorms over parts of Ogun during the morning hours.”

“In the afternoon and evening periods, isolated thunderstorms are anticipated over parts of Imo, Abia, Enugu, Ebonyi, Cross River, Akwa Ibom, Edo, Delta, Rivers, and Bayelsa states.”

NiMet advised airline operators to get updated weather reports and forecasts from its office for effective planning in their operations.

NiMet predicts three days sunshine, thunderstorms across Nigeria

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Worry as long queues return to Abuja filling stations, five other states

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Worry as long queues return to Abuja filling stations, five other states

Many filling stations in Abuja and roughly five other states were closed on Wednesday due to a scarcity of Premium Motor Spirit, also known as fuel, which generated long queues at the few outlets that dispensed the commodity.

Thousands of commuters in the Federal Capital Territory, Nasarawa, Niger, Gombe, Sokoto, and Anambra states were delayed at several bus stations due to a lack of PMS necessary by transporters to operate their vehicles.

This resulted in an increase in transportation fares in the affected states, as the few transporters with petrol upped their rates.

According to reports, the scarcity was caused by a shortfall of PMS in the nation’s capital and other states, which resulted in the closure of filling stations in the impacted areas.

However, oil marketers claimed that they would meet with the management of Nigerian National Petroleum Company Limited’s retail arm today (Thursday) to determine the reason of the shortage and how to address it.

Hundreds of motorists besieged the Conoil and Total filling stations that sold petrol in front of the corporate headquarters of NNPC in Abuja on Wednesday.

This led to vehicular traffic on the roads leading to NNPC headquarters and other surrounding companies in the Central Business District of Abuja.

Several filling stations in Zuba, Niger State, including NNPC, AYM Shafa, among others, were closed on Wednesday for lack of petrol to dispense.

Similarly, the NNPC outlet on Arab Road, Kubwa, Abuja, had no product to sell. Many other outlets along the Kubwa-Zuba expressway were also shut. In Nyanya, Nasarawa State, many filling stations were closed.

Their inability to operate piled pressure on the few stations that had PMS on Wednesday, leading to massive queues by motorists at these outlets.

Oil marketers, however, stated that the reason for the shortage in the supply of PMS to Abuja and neighbouring states was being investigated, adding that a meeting would be held on the matter today (Thursday).

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“It is obvious that there is supply shortage in Abuja and other states that are close to the FCT (Federal Capital Territory),” the National Secretary, Independent Petroleum Marketers Association of Nigeria, Chief John Kekeocha, told our correspondent.

He added, “This is the reason why many filling stations in these areas are not selling PMS, which, of course, has led to the serious queues you see in the few ones that are dispensing the product. I cannot tell you the reason for this supply shortage now.

“But we are meeting with NNPC Regal tomorrow (Thursday), and this is going to form part of our discussions. The matter is being looked into right now, and we hope to find a solution to it during the meeting.”

Earlier, the National President, IPMAN, Abubakar Maigandi, told our correspondent that the queues for petrol in many states would be a thing of the past when the Dangote Petroleum Refinery starts pumping out PMS to the domestic market.

But when asked whether the refinery had briefed marketers about when it would start pumping out the product, Maigandi replied, “We don’t know the time. But since he said he would start it, I know that he will do that.

“So we are still waiting and we know that once he starts releasing petrol to the domestic market, this issue of fuel scarcity and queues will become a thing of the past.”

His position was corroborated by the IPMAN National Public Relations Officer, Chief Ukadike Chinedu, who also expressed hope that the Port Harcourt Refining Company would start producing refined petroleum products very soon.

Commuters stranded

Thousands of commuters going to their various destinations were stranded at different motor parks in Anambra State on Wednesday due to the unavailability of transportation vehicles because of the shutting down of petrol stations across the state.

Most petrol stations in the major cities of Awka, Onitsha, Nnewi, Umunze, Ekwulobia and other environs remained shut and were not dispensing fuel on Wednesday morning.

As a result of this, the few vehicles plying the road increased the transportation fares by over 200 per cent while commuters who struggled to board them were made to pay the high rates.

For instance, commercial transporters charged N500 for a journey that used to be N200, while a journey of N500 was charged between N1,200 to N1,500.

The development caused many commuters to start trekking to their various destinations while others waited at the parks.

Our correspondent also observed that many offices and business premises did not open till around 10:30 am because their employees had yet to report for duty.

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The reason why the petrol stations were closed could not be ascertained immediately. But the development generated a lot of mixed feelings among the public.

Some people believed that the petrol stations were on strike, others were of the opinion that it was a deliberate attempt by the marketers to increase the pump price of the commodity.

A tricycle operator plying the Onitsha axis, simply identified as Tochukwu, said, “I bought fuel from the black market for as high as N1,350/litre this morning in order to work, after we discovered that filling stations did not open. Some of my colleagues went to Asaba in Delta State to get the product and that is why transportation fares are high this morning.

“We don’t really know why the filling stations are shut, but we are hearing that is like they are in a meeting somewhere in Awka. We have experienced this kind of situation before and when they came back from their meeting that day, they hiked the pump price of petrol. It’s likely to be the same situation, we are watching as events unfold.”

A commuter at Awka, Chinwe Okeke, said, “I have been standing at the Regina Caelis Bus Stop for over two hours waiting to board a vehicle to UNIZIK, but it has been difficult. The vehicles that are coming have been charging very exorbitantly, I don’t know what is really happening.”

When contacted on the development, the Anambra State Commissioner for Petroleum and Mineral Resources, Anthony Ifeanya, said, “There is no cause for alarm and commuters and motorists should not panic.

“It’s likely that the petrol marketers are in a meeting and whenever they are having such meeting, shutting of petrol stations is a way of compelling every member to attend the meeting. Their meeting usually starts from morning till noon.”

It was also observed that the sudden fare hike also affected both interstate and intrastate movements.

Lagos queues

One of our correspondents observed that the NNPC filling station along Cele expressway in Lagos had long queues on Wednesday due to the fact that the pump price was selling at a lower rate of N585/litre when compared to other filling stations.

But the AP filling station located at Barracks along Chemist Bus Stop in Lagos was not selling petrol.

However, there were no queues at Jezco filling station at Oja-Oba, along Pako Bus Stop in Lagos because the station was selling at N650/litre.

The Northwest filling station along the Gbagada expressway had long queues as the pump price at this station was N610/litre.

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Heavy queues were seen at the NNPC filling station along the Ogudu expressway with the station selling at N585/litre.

N710/litre in Ogun

Residents of Abeokuta, Ogun State capital now buy a litre of petrol for between N650 and N710/litre.

One of our correspondents observed that while many of the filling stations were not selling fuel on Wednesday, the few independent filling stations that were attending to customers sold the product at between N660 to N710/litre.

However, the NNPC mega station along Abiola Way dispensed a litre for N580 but the queues here were very long.

Eternal Oil along Kobape road with a fairly large crowd sold petrol for N660/litre while others such as KH filling station, Adigbe, among others, sold theirs at N700/litre and above.

Scarcity hits Gombe

Fuel scarcity has hit most filling stations in the Gombe State metropolis.

Some motorists told our correspondent in the state that they suspected sabotage, as fuel was sold for between N760 to N800/litre depending on the station. The worst hit areas are the hinterlands.

Bako Hussain, a motorist, said, “We know that it is a sort of plan work by the filling stations. How can one open today and tomorrow the next one will open and the one that sold yesterday will not open.”

Also speaking, Hajara Bala, said “It is hard to get fuel in the state as the queues are building across filling stations. I think it’s artificial scarcity. I see no reason why we will have money and still wait with your N760 or more depending on the station.”

Motorists in Sokoto State also decried the continued rise in the price of petrol as the product rose to N830/litre on Wednesday.

Findings by our correspondent in Sokoto on Wednesday evening showed that most of the filling stations that opened for business in the morning had closed their outlets before 4 pm, making the product more scarce for consumers.

Almost all the big marketers including NNPC, AA Rano, Shafa, among others, were not dispensing the product on Wednesday evening.

The few filling stations that dispensed the product on Wednesday evening sold it at between N800 and N830/litre and still had long queues.

A motorist, Abdul Ahmad, who spoke to our correspondent, said, “How do you explain a filling station which sells fuel at the rate of N770/litre in the morning, only for you to come back in the afternoon and same people now sell at N820/litre.

“This is very bad and we should stop doing this to ourselves in this country.”

NNPC stays mute.

Meanwhile, efforts to get the NNPC to explain reasons for the queues and the fuel supply shortage in states were unsuccessful.

NNPC is currently the sole importer of petrol into Nigeria, as other marketers stopped importing the commodity due to their inability to access adequate foreign exchange required for PMS importation.

NNPC’s spokesperson, Olufemi Soneye, did not answer calls to his phone when contacted on the matter.

He also did not respond to a text message sent to him to provide reasons for the queues, up till when this report was filed.

Worry as long queues return to Abuja filling stations, five other states

(Punch)

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