Road Projects In Niger Delta, FCT To Take Priority In 10-year N250 billion Sukuk – DMO

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Road Projects In Niger Delta, FCT To Take Priority In 10-year N250 billion Sukuk - DMO
Ms Patience Oniha

The Director General of the Debt Management Office, DMO, Patience Oniha, has disclosed that road projects in the Niger Delta and federal capital territory (FCT) will take priority in the 10-year N250 billion road Sukuk instrument.

She made this known while speaking at an event in Abuja.

The Director General said the federal government was working to improve infrastructure in the country, and to also improve revenue so that spending on further capital projects can be sourced locally instead of through loans.

The director-general said: “Sukuk is one of the instruments we use for borrowing. This is tied to some specific projects,”

“The exchange rate has been relatively stable. Monetary policies affect lending rates. The Sukuk we are looking to issue today is for roads and bridges. This time around, we are working with the FCT and Niger Delta ministry — they have road projects.

“That is why the Sukuk we are issuing is bigger. Policy-wise, the government is working to improve infrastructure and the borrowing is going into infrastructure.

We are also focused on [enhancing] revenue so that the government can spend from there.”

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