DMO Raises N615.557bn Sukuk Funds In 4 Years


The Debt Management Office (DMO) has raised N615.557 billion through Sukuk for the rehabilitation and construction of new roads across the country in four years.

The director-general of DMO, Ms. Patience Oniha, made this known in her presentation entitled: ‘Nigeria Public Debt, Some Considerations’, at the Capital Market Correspondents Association of Nigeria (CAMCAN) 2022 conference in Lagos.

A Sukuk is an Islamic financial certificate that complies with Islamic religious law commonly known as Sharia. Corporations or governments invest capital raised in accordance with Sharia.

Oniha said N615.557 billion had been raised through Sukuk from September 2017 to December 2021, with N365.557 billion deployed to the construction of 1,881km of roads and six bridges.

She stated that the last Sukuk issued in December 2021 targets 71 road projects.

According to Oniha, some of Sukuk-funded projects are the reconstruction of Bida-Lambata road in Niger State, rehabilitation of…

Source: Leadership Newspaper