Headline National News Nigeria

DMO raises N130bn from Sukuk for road projects

The Debt Management Office (DMO) says the Sukuk floated to raise N100 billion to fund road projects has been successfully concluded.

In a statement, the DMO said the offered size was increased to N130 billion, due to the fact that the offer was oversubscribed by 165%.

It described the level of subscription as “evidence of investors’ confidence in the use and impact of the Sukuk” in the construction and rehabilitation of road infrastructure across the country.

It indicated that the proceeds of the offer will be deployed to fund identified road projects through the Federal Ministry of Works and Housing and the Federal Capital Territory Administration.

The DMO thanked investors who have kept faith with the Sukuk offers and promised to sustain the “laudable achievements” recorded so far in the use of Sukuk-issued proceeds for infrastructure development.

Reporting by Biodun Dare; Editing by Abdullahi Lamino and Tony Okerafor