Monday, 9 October 2017

Breakdown Of How N100 Billion Sukuk Loan Will be Spend

Kemi Adeosun, minister of finance, while presenting the cheque to Babatunde Fashola, minister of power, works and housing, said the proceeds would be used to support the federal government’s capital spending for 2017.

She also said the proceeds “is about financial inclusion” and deepening of the country’s financial markets.

“The proceeds will be used to further support government capital spending for 2017 – the construction and rehabilitation of 25 key economic roads across the six geo-political zones of the country,” the finance minister said.

“The roads will ease commuting, spur economic activities across the country and further close our infrastructural gap. Each of the six geo-political zones is expected to receive the sum of N16.67 billion for road projects in their respective zones.

“The north central and south-south zones accounted for five each of the 25 key economic road projects, while the north-east, north-west and south-east have four road projects each. Three projects are to receive funding from the sovereign Sukuk proceeds in the south-west zone.”

At the time the works ministry received the funds, the 25 key economic projects were unknown.

But in a tweet on Sunday, BudgIT, Nigerian civic social enterprise, listed the roads, the amount that will be spent on them and the expected time reconstruction will be completed.