The Nigerian Federal Government has released 3.65 trillion naira for capital projects. The amount represents 80% of the capital allocation in the last year’s budget.
Finance Minister Zainab Ahmed made this known at the presentation of cheques from the proceeds of the 250 billion naira sukuk bond issued in December last year by the Debt Management Office.
The sukuk proceeds will be released as part of the 2021 budget already extended to March 31st by the National Assembly.
Capital releases before the Sukuk Fund disbursement stood at 3.4 trillion naira.
Ministries of Works and Housing, Niger Delta Affairs and the FCT are beneficiaries of the sukuk issue proceeds, getting 210.5b, 10.43b and 29b niara respectively.
The Minister of Niger Delta Affairs, Senator Godswill Akpabio confirmed receipt of the the Sukuk fund in a statement, saying, “I received, on behalf of the Ministry of Niger Delta Affairs, 2021 Sovereign Sukuk cheque of N10.4bn for the construction of the East West Road, from the Minister of Finance, Budget and National Planning, Dr (Mrs) Zainab Shamsuna Ahmed.
“I acknowledged the effort of the Finance Minister and the DG, Debt Management Office (DMO), Mrs Patience Oniha for the success of today’s presentations”, Senator Akpabio said.