The government of Nigeria is to spend N742.557 billion on the rehabilitation and construction of 4 000 kilometres of road projects and bridges across Nigeria, according to The Debt Management Office (DMO) of the country, which helped raise the money.
This as the DMO and its partners finalise plans to issue a fresh N150 Sovereign Sukuk to finance Nigeria's huge infrastructure deficit.
A Sukuk is a 'legal instrument, deed or cheque' compliant with Sharia law that is used to raise money in Arab countries.
Director-general of the DMO, Patience Oniha, who made the announcement, said: "Sukuk is one of the strategies to improve infrastructure."
The director of the highway department at the Federal Ministry of Works, Umar Bakare, said funds from Sukuk issuances had so far enabled his ministry to build 60 roads of about 3 200km. He is optimistic that a new Sovereign Sukuk will help to reduce the infrastructure gap.
"The funds will be used to finance the rehabilitation of road projects and bridges identified by the implementing agencies of the federal government," Oniha said at the meeting with investors yesterday in Abuja.
