The Federal Government has released the proceeds of the N100bn sukuk bond for the financing of 25 road projects being handled by the Federal Ministry of Power, Works and Housing.

Minister of Finance, Mrs Kemi Adeosun, handed over the N100bn proceed cheque to the Minister of Power, Works and Housing, Mr. Babatunde Fashola, in Abuja on Thursday.

Adeosun said the oversubscription of the bond to the tune of N105.87bn was a sign of confidence in the Nigerian economy.

The minister said, “This is the first sukuk bond issuance for Nigeria. It is about financial inclusion and deepening of our financial markets.

“The proceeds will be used to support government capital spending for 2017 – the construction and rehabilitation of 25 key economic roads across the six geo-political zones of the country.

“The roads will ease commuting, spur economic activities across the country and further close our infrastructural gap.”

Each of the geopolitical zones of the country is expected to receive the sum of N16.67bn for road projects in the respective zones.

The North Central and South-South Zones accounted for five each of the 25 key economic road projects, while the North East, North West and South East have four road projects each.

Three projects are to receive funding from the Sovereign Sukuk proceeds in the South West Zone.

Azeez