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FMWH, FCTA receive N130bn Sukuk cheque from DMO

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FMWH, FCTA receive N130bn Sukuk cheque from DMO

FMWH, FCTA receive N130bn Sukuk cheque from DMO

The Federal Ministry of Works and Housing (FMWH) and the Federal Capital Territory Administration (FCTA) have received cheques of N130 billion being Proceeds of the 2022 Sovereign Sukuk offer from the Debt Management Office (DMO).

The cheques were presented by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, at a ceremony held in her office in Abuja on Monday.

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According to Ahmed, the issuance of sovereign Sukuk, a project-tied debt instrument, is one of the many innovative and very successful initiatives of the present administration.

Ahmed said it was aimed at financing the development of critical infrastructure.

She said that the facts on how much the initiative had helped to improve road infrastructure across the country were glaring.

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“As of date, this administration has invested the sum of N612.557 billion raised through Sovereign Sukuk between 2017 and 2021 for the construction and rehabilitation of key economic road projects.

“The projects are in the six geo-political zones and the FCT.

“In real terms, the amount has been used to construct and rehabilitate sections of 71 road projects covering 2,808 kilometres and four bridges by the FMWH.

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“It has also aided the construction of sections of six road projects covering 99 kilometres and 19 bridges by the FCTA,” she said.

The minister said that FMWH and FCTA would be sharing N130 billion, being proceeds of 2022 Sukuk issue proceeds which were successfully issued by the DMO on behalf of the Federal Government.

She said that the release would form part of the 2022 budget, which implementation had been extended to March by the National Assembly

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According to her, besides the immense contributions of Sukuk to the funding of critical road infrastructure, the objectives of deepening the domestic capital market and financial inclusion are being achieved by the government.

The Director-General of the DMO, Patience Oniha, said that the office started the journey toward issuing a Sovereign Sukuk some years back, diligently working with experts to get the process and documentation right.

According to Oniha, these efforts paid off with the issuance of the first Sovereign Sukuk of N100 billion in September 2017.

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According to her, the DMO remains committed to its mandate and market development activities.

The Minister of Works and Housing, Mr Babatunde Fashola, said that the Sovereign Sukuk had contributed immensely to raising badly needed funds for road projects across the country.

Fashola said that various construction companies, which had laid off many of the staff due to redundancy had recalled most of the staff members, partly due to the funding support from Sovereign Sukuk.

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He commended the former finance minister, Mrs Kemi Adeosun, the incumbent Minister of Finance, as well as the DMO director-general for initiating and sustaining the Sukuk initiative.

FMWH, FCTA receive N130bn Sukuk cheque from DMO
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Tinubu arrives Katsina to receive Buhari’s body for burial

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President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.

The News Agency of Nigeria (NAN) recalls that Vice-President Kashim Shettima departed London in the early hours of Tuesday with the remains of Buhari back to Nigeria.
On arrival at the Umaru Musa Yar’adua Airport Katsina, Tinubu was received by Gov. Dikko Radda,  former Vice-President Yemi Osinbajo, governors, Chairman of Dangote Group, Alhaji Aliko Dangote, Deputy Senate President, Jibrin Barau, and Speaker of the House of Representatives,  Tajudeen Abbas.
Others are Ministers, former governors, former and serving Senators, Alhaji Dahiru Managl,  former Minister of Information and Culture, Lai Mohammed, members of the All Progressives Congress (APC) National Working Committee (NEC), amongst others.
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“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial

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Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.

Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.

“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.

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Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.

“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.

Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.

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“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.

Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.

“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.

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On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.

The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.

Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.

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King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader

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His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.

In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.

King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”

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He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”

Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”

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