THE Federal Government, on Monday, confirmed the release of a total of N995.66bn for the implementation of projects contained in the 2020 revised budget.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, gave the figure while presenting a cheque of N162. 66bn realised from the 2020 Sukuk bond issuance.
Ahmed noted that, with the release of the N162. 557bn to the Federal Ministry of Works and Housing, the amount appropriated for roads projects financed by Sukuk in the 2020 budget had been fully released.
She said the government had been greatly encouraged by the tremendous success recorded with regard to improvements in road infrastructure across the six geopolitical zones with the intervention of this special funding.
She said, “Under the revised 2020 budget, the government appropriated the sum of N1.347trn for capital expenditure.
“Mr. President directed the release of 50 per cent of this amount during the signing of the revised budget before the end of July 2020. The total capital releases to date is N995. 66bn, including Sukuk.”
The finance minister noted that there were evidences of the use of the proceeds by way of works done, adding that feedback was being received from commuters, transporters, other businesses, investors and other well-meaning Nigerians.
The Director-General of the Debt Management Office, Patience Oniha, said that with the issuance of the third Sukuk, the Federal Government had raised the sum of N362. 57bn.
The N352.57bn, according to her, is for the rehabilitation and reconstruction of roads projects across the six geo-political zones of Nigeria.
She said the strong response to the Third Sovereign Sukuk for which a total subscription of N669.12bn was received for the N150bn that was offered, was indicative of good market awareness and acceptance of Sukuk as a financial product.
The Minister of Works and Housing, Babatunde Fashola, while receiving the symbolic cheque, said that the event was a clear evidence of transparency in the utilisation of Sukuk proceeds.
