DMO Raises N742.557bn For Construction Of 4,000km Roads, Bridges

kilometres of road projects and bridges across Nigeria’s six geopolitical zones and the Federal Capital Territory through the issuance of Sovereign Sukuk.

Director-general of the DMO Ms Patience Oniha who made the disclosure yesterday at the ‘Investor Meeting for the 2023 Sovereign Sukuk Issuance – Series VI, said “Sukuk is one of the strategies for improving infrastructure” As of 2017 when the DMO first issued Sukuk, the federal government’s investment in roads and bridges was primarily funded through the national annual budget which was inadequate, and to some extent external borrowings, and other initiatives of the government. Consequently, the federal government, through the Debt Management Office initiated the Sukuk funding programme for financing road infrastructure in 2017.

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