Works Ministry To Get N100bn Sukuk Bond

Minister of Finance Kemi Adeosun.

The Minister of Finance, Kemi Adeosun, has disclosed that proceeds of the N100 billion Islamic bond, Sukuk, will be released to the Ministry of Works on Thursday.

Adeosun made this known when she appeared before the Joint Committee on Finance and Appropriation of the Senate on Tuesday in Abuja.

She was there to brief lawmakers on level of implementation of the 2017 budget.

The minister said the Federal Government successfully completed the Sukuk bond last week and raised N100 billion.

”The Sukuk funds are earmarked for roads and will be released on Thursday this week.

”We have kept the capital spending going to ensure that efforts to improve the economy are continuous and seamless.

”There was no interruption in the activities of Ministries, Department and Agencies to ensure that they continued with their projects,” Adeosun said.

The minister explained that the N100 billion Sovereign Sukuk, which debuted last month, has a tenor of seven years, and has been certified as ethically compliant by the Financial Regulation Advisory Council of experts of the Central Bank of Nigeria (CBN).

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