Debt Management Office has raised N1.09 trillion through the last six series of Sukuk bonds issued for capital projects nationwide on behalf of the federal government. Patience Oniha, the Director-General of the DMO, said this in Lagos on Wednesday during a meeting of the parties for the Series Seven (VII) Sovereign Sukuk issuance. She said the proceeds would be used to finance capital projects nationwide, Oniha said the new issuance followed the modest success of the first Sukuk and the achievement recorded from September 2017 to December 2023 when the last Sukuk was issued. “We all would recall that the first Sovereign Sukuk was issued in September 2017. After extensive marketing, the offer, which was for N100 billion, with seven years tenor, received a total subscription of N105.878 billion, an early indication of the positive reception of the Sukuk.
“Following the modest success of the first Sukuk and the achievement record, from 2017 to December 2023 when the last Sukuk was issued, the DMO has raised a total of N1.092 trillion. With this amount, over 4, 100 kilometres of roads and nine bridges across the six Geopolitical zones in Nigeria and the the Federal Capital Territory have either been constructed or rehabilitated.” Oniha said the projects had brought substantial benefits to Nigerians including reduced travel time, improved road safety, job creation, access to markets by remote farmers, increased access to essential public services like education and healthcare as well as economic development as a whole. She said in addition to those benefits, other reasons for the sustained issuance are the fact that the Sukuk is project-tied, promotes financial inclusion and contributes to the development of the domestic financial market.
DMO raises N1.09trn from Sukuk bonds issuance
