The federal government of Nigeria is set to spend US $405m Sukuk bond to finance 44 ongoing highway projects. Minister of State for Works and Housing, Engr Abubakar D. Aliyu disclosed the report and said that the funds will be issued by the Debt Management Office (DMO).

The Minister explained that insufficient of funds, the federal government had to leverage on alternative sources of funding to finance infrastructure. He noted the 44 roads forms part of the over 500 road and bridge projects currently being undertaken by the Ministry as its contribution to infrastructure provision in the country. The government had already in 2017 and 2018 spent US $541m Sukuk bonds on 58 critical highway projects across the country.

“This concerted and sustained effort in road infrastructure financing has positively impacted on the physical completion of many of the projects. Expansion, Reconstruction and Rehabilitation of Lagos-Ibadan road, Construction of Second Niger Bridge and the Rehabilitation of Abuja-Kaduna-Kano Dual Carriageway are being financed with the Presidential Infrastructure Development Fund (PIDF),” said Engr Abubakar.