ADVERTISEMENT
  • InsideOyo
  • Contact
  • About Us
  • Privacy Policy
  • Submit A Story
  • Advertise with us
  • Support Us Today
Monday, June 27, 2022
InsideOyo.com
">
  • Home
  • General News
  • Political News
  • Oyo Campus Gist
  • Entertainment
  • Special Reports
    • Opinion
    • Interview
  • Jobs
  • To Advertise
  • Support Us Today
    • Submit A Story
No Result
View All Result
  • Home
  • General News
  • Political News
  • Oyo Campus Gist
  • Entertainment
  • Special Reports
    • Opinion
    • Interview
  • Jobs
  • To Advertise
  • Support Us Today
    • Submit A Story
No Result
View All Result
InsideOyo.com
No Result
View All Result
">
ADVERTISEMENT
Home Political News

FG Releases N100bn For Oyo-Ogbomosho Road, Ibadan – Ilorin, 26 Other Road Projects

InsideOyo by InsideOyo
January 12, 2019
in Political News
5.1k
0
FG Releases N100bn For Oyo-Ogbomosho Road, Ibadan – Ilorin, 26 Others Road Projects
7.3k
SHARES
8.9k
VIEWS
Share on FacebookShare on WhatsAppShare on Twitter
">

The federal government has released the sum of N100 billion raised from the Sukuk bond in December 2018 for Ibadan- Ilorin road, Oyo-Ogbomoso road and 26 other road projects spread across the six geopolitical zones.

The government had in December issued a seven year N100 billion sovereign sukuk  with an interest rate of 15.7 per cent as part of its domestic borrowing for the 2018 budget to finance roads projects.

The Debt Management Office (DMO) had at the time announced that the offer which attracted a wide range of retail and institutional investors had a total subscription rate of N132bn.

While presenting the cheque to the ministry of Power, Works and Housing, Minister of Finance Zainab Ahmed said proceeds will be used to further support government capital spending for 2018 including the construction and rehabilitation of 28 key economic roads across the six geo-political zones with each zones having equal allocation of N16.67bn.

She said the Sukuk funding option was part of the initiatives of the government to diversify government funding sources, while also deepening the Nigerian capital market, mobilizing more savings and promoting financial inclusion.

“The use of the proceeds of the issuance has an in-built investor mechanism in two forms, namely; the trustees both registered by securities and exchange commission will monitor the disbursement of the Sukuk proceeds and also the Sukuk proceeds have been ring-fenced in a dedicated account at the central bank to ensure that they are utilized only for the road projects” she said.

She said the funds are released to the ministry of power, works and housing based on the framework agreed with the trustees in order to ensure transparency and accountability in the use of the proceeds.

Also speaking, the DG, DMO, Ms patience Oniha said Sukuk has become a veritable tool for financing infrastructure which has several multiplier effects including job creation and boosting economic activities.

She also added that the sovereign Sukuk is a viable tool for financing infrastructure and it promotes financial inclusion and the development of domestic financial markets.

Some of the road projects include; the dualisation of Suleja-Minna Road in Niger State Phase II, dualization of Abuja – Abaji – Lokoja Road: Section I (International Airport link road junction-Sheda Village Junction) in FCT, dualization of Lokoja-Benin Road: Obajana Junction-Benin Section I Phase I: Obajana – Okene in Kogi State, dualisation of Ibadan – Ilorin Rd (Route No. 2) Section II, rehabilitation Of Enugu-Port Harcourt Road Section IV: Aba-Port Harcourt in Rivers State and dualisation of Ibadan – Ilorin Rd (Route No. 2) Section II. among others

Share this:

  • Facebook
  • Twitter
  • More
  • LinkedIn
  • Telegram
  • WhatsApp

Like this:

Like Loading...
Tags: featuredIbadan-ilorin roadoyo state newsOyo-ogbomoso road
">
Please login to join discussion
">
">

Support Our Work Today!

Trending Stories

  • Alaafin Stool: Adeitan Atiba Ruling House Joins Race, Presents Afolabi Ademola

    Alaafin Stool: Adeitan Atiba Ruling House Joins Race, Presents Afolabi Ademola

    7519 shares
    Share 3008 Tweet 1880
  • 14-Year-Old Oyo Student Emerges Overall Winner At 2022 NNPC Quiz In Southwest

    7514 shares
    Share 3006 Tweet 1879
  • I Am Going Back To Nigeria Soon – Sunday Igboho

    7514 shares
    Share 3006 Tweet 1879
  • Makinde’s Aide, Ige, Felicitates Bose Adedibu On Her Birthday

    7364 shares
    Share 2946 Tweet 1841
  • NNPP Guber Candidate’s Wife Meets Women In Hausa Community, Seeks Support For POJ 

    7391 shares
    Share 2956 Tweet 1848

Like Our Facebook Page

Like Our Facebook Page
">

Are YOU in distress? Call Oyo State Emergency Number NOW!!!

oyo State Emergency Number

Follow Us On Twitter

My Tweets

Support Us To Push Further

Join Our WhatsApp Group

">
  • Home
  • General News
  • Political News
  • Oyo Campus Gist
  • Entertainment
  • Special Reports
  • Jobs
  • To Advertise
  • Support Us Today

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home
  • General News
  • Political News
  • Oyo Campus Gist
  • Entertainment
  • Special Reports
    • Opinion
    • Interview
  • Jobs
  • To Advertise
  • Support Us Today
    • Submit A Story

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
%d bloggers like this: