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SUKUK Fund: 250b Naira To Be Spent By Trio of Ministries on Roads

Naomi Gabriel —

The Director- General of Debt Management Office (DMO), Ms. Patience Oniha in Abuja yesterday said that three ministries will take part in utilizing the N250 billion Sukuk the Federal Government is issuing to finance road construction projects across the country. This she said is in a departure from old practices.

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Oniha while listing the ministries as Works and Housing, Federal Capital Territory and Niger Delta Affairs, made this disclosure when addressing investors and the media during the Sukuk bond subscription offer opening.

She noted that, unlike previous Sukuk bond offer that had only Federal Ministry of Works and Housing as sole government’s agency to utilize proceeds for road construction, the N250 billion Sukuk has two other ministries- Federal Capital Territory (FCT) and the Ministry of Niger Delta as beneficiaries.

The DMO said N200 billion will be allocated to the Ministry of Works and Housing, N37 billion to the Ministry of FCT and N75 billion to the Ministry of Niger Delta Affairs.

Amongst roads listed for construction by Federal Ministry of Works and Housing, include, Abuja-Lokoja Road section iv (Koton Karfi-Lokoja); dualisation of Obajana  junction to Benin phase 2: section 1 (Obajana junction to Okene); construction of Oju/Loko-Oweto bridge to link Loko and Oweto with approach roads; Makurdi-Naka-Adoka-Ankpa road in Benue State; construction of Baro Port to Gulu town in Niger State and reconstruction of Nasarawa-Loko road in Nasarawa State section amongst others. The ministry has road projects to construct across the six geo- political zones of the country.

For the FCT she affirmed that some of the road projects to be constructed with its share of N37 billion Sukuk include, the Southern Parkway from Christian Centre (S8/9) to Ring Road I (RRI); completion of roads B6, B12 and Circle Road, Abuja Central Area; rehabilitation and expansion of Outer Southern expressway from Villa Roundabout to OSEX/Ring Road 1 and (RR1) junction among others.

Ministry of Niger Delta Affairs, with its N75 billion Sukuk proceeds will carry out the dualization of East-West Road (Section II-I) Port Harcourt-Ahoada, 47Km; dualization of East-West Road (Section II-II) Ahoada-Kaiama, 54Km; upgrading of 15km of section III from Port-Harcourt Eleme Junction to Onne Port Junction amongst others roads to be constructed.


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