25 Roads To Be Constructed With N100bn Sukuk Proceeds

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Minister of Finance, Mrs Kemi Adeosun

The 25 roads that will be fixed with the N100 billion Sukuk bond proceeds have been released.

The Minister of Finance, Kemi Adeosun has released the 25 roads that will be constructed with the N100 billion Sukuk bond proceeds. The minister presented the N100 billion proceeds to the Minister of Power, Works and Housing, Babatunde Fashola, on Thursday, October 5.

Adeosun said the proceeds would be used to support the federal government’s capital spending for 2017.

 She said: “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.”

This graphics details was provided by Budgit

Meanwhile, the Christian Association of Nigeria (CAN) insisted that it will not accept the Sukuk bond describing it as a form of islamisiation of the country. In an interview with The Punch, the general secretary of CAN, Rev. Musa Asake, said CAN would go to court if need be claiming that it would not accept it.

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