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FMWH, FCTA Receive N130bn Sukuk Cheque, Under 2022 Budget
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.
Panic broke out in Kubwa, Abuja, on Sunday after a vehicle crashed into a gas dispensary outlet at Liberty Junction on Arab Road, triggering a fire.
According to eyewitness accounts, the vehicle was travelling from Arab Road towards Liberty Junction when it reportedly lost control following a brake failure.
The vehicle subsequently skidded off its lane, crossed the road and plunged into the gas station, resulting in a fire outbreak.
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The fire was quickly brought under control following a coordinated response by operatives of the Federal Fire Service, FCT Fire Service and the National Emergency Management Agency (NEMA).
The occupants of the vehicle were rescued unhurt by passers-by and witnesses who responded to the incident.
However, several makeshift shops adjoining the gas outlet were destroyed in the fire.
The prompt intervention of the emergency responders helped to curtail the spread of the fire and prevent further damage.
Financial expert Nnaemeka Onyeka Obiaraeri has defended former Anambra State Governor Peter Obi against comparisons with former Akwa Ibom State Governor Godswill Akpabio, citing what he described as differences in the financial records of the two states during their respective tenures.
Obiaraeri made the remarks in a post on X on Sunday while responding to comparisons involving the two former governors.
According to him, Akwa Ibom State, under Akpabio between 2007 and 2015, received an estimated ₦2.06 trillion, which he said was equivalent to about $15.5 billion at the time.
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He further claimed that the amount would be worth more than ₦21.7 trillion in today’s naira value.
Obiaraeri wrote: “AKWA IBOM STATE, UNDER GODSWILL AKPABIO, 2007 TO 2015…..
“Between 2007 and 2015, during the administration of Governor Godswill Akpabio, the Akwa Ibom State Government received an estimated total revenue of approximately ₦2.06 trillion/$15.5billion…..
“In today’s naira value, Akwa Ibom under Akpabio received over N21.7trillion.”
He also claimed that Akpabio left loan obligations of $334 million, which he put at about ₦467 billion.
Obiaraeri further alleged that there were multiple EFCC files concerning Akpabio, claiming that they documented financial misconduct during his tenure.
Turning to Anambra, Obiaraeri said the state received approximately $4.06 billion, or ₦525 billion, during Peter Obi’s tenure as governor from March 14, 2006, to March 14, 2014.
He wrote: “ANAMBRA STATE UNDER PETER OBI MARCH 14, 2006 TO MARCH 14, 2014
“Total funds and revenues received by Anambra state under Peter Obi was $4.06billion/N525billion.
“In today’s naira term is N5.4trillion.”
According to Obiaraeri, Peter Obi left behind $156 million in savings invested in an investment that generated more than $43 million, bringing the total to $199.8 million.
He added that the figure amounted to approximately ₦279 billion in today’s naira value.
Obiaraeri also claimed that more than ₦36 billion, which he equated to about $240 million, was held in Treasury Bills and other short-term naira investments.
He wrote: “However, Peter Obi left behind a total savings of $156million in an investment that yielded over $43m totaling $199.8m/N279billion in today’s naira money and over N36bn/$240m in treasury bills and other short term naira investments.”
Defending the former Anambra governor against allegations of corruption, Obiaraeri stated: “Peter Obi did not loot a kobo of Anambra monies. HE HAS NO EFCC OR FBI FILES OF CRIMINALITY ON HIM….”
He also compared Obi with other governors who served around the same period, “The Only Governor in the league of PO during his time was Raji Fashola …… Anyway, I am not surprised at some of you, who do this baseless comparison…The difference between LIGHT and Darkness is so clear to DECENT men, who love LIGHT….
“THOSE WHO ARE ROGUES, AND ASPIRING ROGUES, USUALLY LOVE DARKNESS….THEIR HEART IS DARKENED AND MIGRATE TOWARDS DARKNESS ALWAYS.”
He said ‘This is the verdict: Light has come into the world, but people loved darkness instead of light because their deeds were evil’.”
He then directly addressed those comparing the two former governors, stating: “I PUT IT TO YOU, who is mischievously comparing Apostle Peter to YOUR BARABASSES, that you are EVIL…QED.”
Former Anambra State Governor and presidential candidate, Peter Obi, has questioned President Bola Tinubu’s continued absence from the United Nations General Assembly, contrasting it with Ghanaian President John Dramani Mahama’s participation in the 81st UNGA.
Obi raised the question in a post on X on Sunday, while reacting to Mahama’s address at the global gathering.
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The former presidential candidate wrote: “The dynamic President of Ghana, John Dramani Mahama, delivered a remarkable address at the 81st United Nations General Assembly. The international community has commended his leadership and the substance of his address.
“It is a reminder of what leadership can produce when competence, capacity, compassion, commitment and character come together in the service of a nation.”
Obi then drew attention to Nigeria’s absence at the presidential level, asking why Tinubu had not attended the global gathering.
He wrote:
“Against this background, many are asking: Where is the President of Africa’s most populous nation, a country of more than 200 million people – more than Ghana – whose leader has been absent from the global stage for three consecutive UNGAs?
“Nigeria’s President, who ought to be representing the country and providing leadership for Africa at the international level, has not attended any of these three global gatherings. Where is he, particularly at a time when the country faces significant challenges, both domestically and internationally?”
Obi acknowledged that Vice President Kashim Shettima was present at the UNGA but maintained that questions remained over the President’s absence.
He stated: “Although our Vice President, Kashim Shettima, was present, the question remains: Where is the President?
“Let us continue to pray for his return and for his leadership in addressing the many challenges confronting the nation.”
Obi ended the post with his familiar political message:
Tinubu did not attend the 81st UNGA, with Shettima representing Nigeria at the gathering.
The President’s absence marks his third consecutive non-attendance at the UN General Assembly after he also did not personally attend the 79th and 80th sessions.
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