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FMWH, FCTA Receive N130bn Sukuk Cheque, Under 2022 Budget

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DMO Commemorates Listings of Eurobonds, Sukuk on NGX

The Debt Management Office (DMO) has presented cheques of N130 billion being Proceeds of the 2022 Sovereign Sukuk offer to the implementing ministries.

The cheque presentation was done Minister of Finance, Budget and National Planning, Zainab Ahmed, at her office in Abuja, on Monday.

She highlighted that the issuance of sovereign sukuk, a project-tied debt instrument, is one of the many innovative and very successful initiatives of the President Muhammadu Buhari administration.

She maintained that said it was aimed at financing development of critical infrastructure.

The implementing ministries were the Federal Ministry of Works and Housing (FMWH) and the Federal Capital Territory Administration (FCTA).

According to Ahmad the facts on how much the initiative had helped to improve road infrastructure across the country were glaring.

She said, “As at date, this administration has invested the sum of N612.557 billion raised through Sovereign Sukuk between 2017 and 2021 for the construction and rehabilitation of key economic road projects.

“The projects are in the six geo-political zones and the FCT.

“In real terms, the amount has been used to construct and rehabilitate sections of 71 road projects covering 2,808 kilometers and four bridges by the FMWH.

“It has also aided the construction of sections of six road projects covering 99 kilometers and 19 bridges by the FCTA.”

She explained that the FMWH and the FCTA would be sharing N130 billion, being proceeds of 2022 Sukuk issue proceeds, successfully issued by the DMO on behalf of the Federal Government.

Ahmad added that the release would form part of the 2022 budget, which implementation had been extended to March 2023 by the National Assembly

“FMWH will get N110 billion and the FCTA will get N20 billion.

“The N130 billion will be released as part of the capital expenditure in the 2022 Appropriation Act, which has been extended by the National Assembly to March 31.

“As at November 2022, N1.88 trillion had been released as Capital Expenditure, which represents about 40 per cent performance when compared to the total Capital Budget of N4.7 trillion.

“This informed the need to extend the period to implement the capital component of the 2022 Budget,” Ahmad said.

In addition to the immense contributions of Sukuk to the funding of critical road infrastructure, Ahmad noted that the objectives of deepening the domestic capital market and financial inclusion are being achieved by the government.

Director-General, DMO, Patience Oniha, said that the office started the journey toward issuing a Sovereign Sukuk some years back, and had been diligently working with experts to perfect the process and documentation.

According to Oniha, these efforts paid off with the issuance of the first Sovereign Sukuk of N100 billion in September, 2017.

“The DMO has issued Sukuk four more times bringing the total amount raised as at Dec. 2022 to N742.56 billion.

“From the Sukuk issued between 2017 and 2021, a total of N612.56 billion was raised and deployed to the construction and rehabilitation of sections of 71 roads and four bridges covering a total of 2,820 km,” Oniha said.

She commended the implementing ministries and their various contractors for supporting the DMO in the Sukuk initiative.

According to her, the initiative has afforded the DMO the opportunity to demonstrate strong alignment with the policy of President Buhari on infrastructure development.

“Furthermore, the DMO has positioned itself as an agency for managing the public debt including borrowing on behalf of the Federal Government.

“It has also become an active stakeholder in the domestic capital market through innovation, investor engagement and collaboration with other stakeholders.

“These have deepened the market, created benchmarks for other borrowers and promoted financial inclusion by providing a retail product, FGN Savings Bond, as well as Sukuk and Green Bonds for ethical investors,” Oniha said.

According to her, the DMO remains committed to its mandate and market development activities.

Minister of Works and Housing, Babatunde Fashola, said that the Sovereign Sukuk had contributed immensely to raising badly needed funds for roads projects across the country.

Various construction companies, which had laid off many of the staff due to redundancy had recalled most of the staff members, partly due to the funding support from Sovereign Sukuk, Fashola pointed out.

He gave kudos to the former finance minister, Kemi Adeosun, the incumbent Minister of Finance, as well as the DMO director-general for initiating and sustaining the Sukuk initiative, respectively.

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Christmas: Shettima Assures Of FG’s Commitment To Citizens’ Welfare

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Nigeria’s Vice President, Kashim Shettima has assured Nigerians of the federal government’s dedication to national security, economic transformation, and welfare of the citizens.

This was detailed in a Christmas message on Wednesday afternoon in Abuja under the signature of the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Stanley Nkwocha.

According to the Vice President, the administration of President Bola Ahmed Tinubu remains unwavering in its focus on these critical areas, as the country looks forward to the dawn of a new year.

ALSO READ: Tinubu Sends Hearty Christmas Greetings To Christians Worldwide

He said, “In these times of economic transformation, I want to assure you that the President Bola Ahmed Tinubu administration remains steadfast in its commitment to improving the lives of all Nigerians.”

Vice President Shettima particularly urged the citizens to imbibe the virtues of national unity during the yuletide season.

“Nigeria’s diversity remains our greatest strength. Let us avail ourselves of the time provided by the holiday season to strengthen the bonds of brotherhood that unite us across all faiths and regions,” he said.

Senator Shettima assured Nigerians of the continued vigilance of the nation’s security forces, noting that “our brave security personnel will continue to work round the clock during this festive period to keep us safe.”

He said enhanced security measures have been put in place to protect the citizens during the holiday period.

“The relevant agencies have been mobilized to ensure your safety and comfort on all major routes,” he stated, urging travelers to remain vigilant.

VP Shettima expressed optimism about the nation’s trajectory in the coming year, saying, “I am filled with hope and optimism about Nigeria’s future. Together, we will build a more prosperous and united nation.

“To our young people, you are the backbone of our nation. The Renewed Hope administration is implementing various initiatives to create opportunities for you to thrive and contribute to Nigeria’s development,” he added.

 

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Yuletide: Adeleke Rejoices With Christians

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Ademola Adeleke Becomes Sixth Executive Governor of Osun State

 

Osun State Governor, Senator Ademola Adeleke has felicitated Christians in Osun State and beyond on the occasion of the 2024 Christmas celebration, urging them to follow Jesus Christ’s example of compassion and tolerance.

Biztellers reports that Gov Adeleke described the birth of Jesus Christ as a defining moment for mankind, in a statement in Osogbo on Tuesday.

He described the festive season as a solemn reminder of the power of love and how it can save humanity.

ALSO READ: Archbishop Martins Champions Clamour For Better Life For Nigerians

While recognising unity and togetherness as an important message that Jesus Christ’s life resonates, Gov Adeleke charged Osun people, particularly Christians, to draw from the spiritual import of the celebration by sharing love and fostering harmony in communities.

In his words, “I extend my warm wishes to Christian faithful in Osun state and beyond as we mark this year’s Christmas. The birth of Jesus Christ is a manifestation of the power of love and remind us of the essence of compassion,” the Governor noted in his message.

“In the mood of celebration, I urge us to take a moment to reflect on the message of renewal that the birth of Jesus Christ signifies, promoting activities that will unite not divide, build not destroy, and bring peace not conflict.

“It is also my sincere appeal that we extend hands of kindness to the needy and the weak in the society, spreading love and generosity beyond borders. That is the essence of Christmas and it is most essential that at a time like this, no one is left to their fate.”

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Archbishop Martins Champions Clamour For Better Life For Nigerians

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Archbishop Alfred Adewale Martins, of the Catholic Archdiocese of Lagos, has enjoined all Nigerian leaders to be more sensitive to the yearnings of the people for a better life.

This was contained in a 2024 Christmas Message to Nigerians issued in Lagos under the signature of the Director of Social Communications, Very Rev. Fr. Anthony Godonu.

According to the Archbishop there is an urgent need for a better enabling environment to allow businesses thrive in a bid to reduce the high rate of unemployment and the grinding poverty in the land.

He urged leaders to prioritise the welfare of citizens over personal needs in addressing the widespread hunger, poverty, joblessness, and insecurity ravaging the nation.

ALSO READ: Tinubu Sends Hearty Christmas Greetings To Christians Worldwide

In his words, “Even in the face of policies that are deemed to have positive results in the long-term, such as the removal of fuel subsidies, floating of the naira and the new tax reforms initiative, governments must ensure that the immediate welfare of people is not neglected but factored into the planning and execution of such policies. This is necessary, if the people for whom the policies are being made are not to die before the positive results begin to manifest.

“At the same time, government spending must be prudent and compassionate. In addition, it is necessary to pay more attention to the agricultural sector so that food security can be ensured for overall benefit.”

The Prelate described as very sad and depressing the recent loss of several lives of innocent Nigerians in Ibadan, Abuja, and Anambra in their quest to access food palliatives owing to pervading hunger across the country.

He considered it worrisome that many Nigerians now find it difficult to purchase necessities of life, especially during this festive season that should be a period of merriment, sharing of love, food, and other essentials, which are the hallmarks of the Christmas season.

To forestall a reoccurrence of such ugly incidents, the prelate urged governments, at both federal and state levels, as well as the legislative assemblies, to identify and quickly fix the loopholes in the polity that are responsible for the massive poverty and hardship which Nigerians are facing.

He advocated the appraisal of the nation’s existing laws and enactment and enforcement of only proactive policies that would open the business environment, attract investors, and create more jobs so that the citizens can afford their basic needs; rather than depend on palliatives that offer only temporary relief.

The prelate urged substantial investments in the agricultural sector of the economy to ensure the availability of basic foodstuffs; thereby reducing the high cost of essential food items like rice, beans, onions and grains.

“If citizens have food in their homes, people will not endanger their lives while scrambling for palliatives in the way it happened,” he noted with sadness.

While praying for the souls of those who died in the recent stampedes in parts of the country, he also commiserated with those who lost their loved ones, praying that Jesus, the Prince of Peace would bring solace to the afflicted, comfort to the grieving, and hope to the despairing.

“This special season reminds us of the profound love of God, who sent His only Son to redeem humanity. May the light of Christ illuminate our lives, dispel darkness, and fill our hearts with love, compassion, and kindness. As we gather with family and friends, let us not forget those who are less fortunate, the vulnerable and the marginalised. May our celebration be a catalyst for acts of charity, generosity, and solidarity,” he stated.

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