FG to spend N100bn Sukuk Fund on road infrastructure

 

THE Federal Government has said the N100 billion from the Islamic bond, Sukuk, will be spent on critical road infrastructure across the country.
The Director-General, Debt Management Office (DMO), Patience Oniha, said this at various stops of the roadshow organised to drum support for the Islamic bond.
The sovereign Sukuk is an ethical-based investment in which rent is based on the investment bi-annually and the principal sum paid at the end of the seven-year tenor.
Patience Oniha also assured potential investors that the Sukuk was backed by the full faith of the Federal Government and was one of the avenues through which it intended to raise funds for capital projects in the country.