The federal government, has so far raised a total of N742.56 billion through Sovereign Sukuk to finance road projects across the six geo-political zones in the country between 2017 and 2022.
She said: “The DMO started the journey towards issuing a Sovereign Sukuk some years back, diligently working with experts to get the process and documentation right. She commended the implementing ministries and their various contractors for supporting the DMO in the initiative. Oniha stressed that the DMO has positioned itself not only as an agency for managing the public debt including borrowing on behalf of the federal government, but as an active stakeholder in the domestic capital market through innovation, investor engagement and collaboration with other stakeholders.
The minister disclosed that the N130 billion raised from the 2022 Sukuk FMWH and FCTA was shared between the Federal Ministry of Works and Housing, which got N110 billion, while the FCTA received N20 billion.
But most of the road projects are abandoned already. SUKUK fund ended in the pockets of politicians