To this end, she said Nigeria needs significant financial sector reforms that will bolster the growth and penetration of Islamic finance
Browsing: sukuk
The Senior Special Assistant to President Mohammadu Buhari on Niger Delta Development Commission, Senator Ita Enang, said the Federal Government has requested for funding support from SuKuk bond to finance the completion of Calabar-Itu highway.
Fashola said the modified tax credit policy, the Sukuk Intervention Fund and the Presidential Infrastructural Fund, among others, were aimed at funding infrastructure projects that would make the country globally competitive.
He maintained that the state’s debt was sustainable to allow it access the N21.5 billion Sukuk bond being sought.
He said: “This administration, when compared to previous administration of former Governor Babangida Aliyu, is more financially reckless.”
According to DMO, this is in line with the Economic Recovery and Growth Plan.
Sukuk are Islamic bonds, structured to generate returns to invest without infringing Islamic law that prohibits interest on loans.
Akinmade said this on Sunday in Potiskum during an inspection of the ongoing federal government road projects in the Northeast.
The DMO said the release was based on the documents recently received from the Federal Ministry of Power, Works and Housing that it was implementing the road projects
Sukuk bonds are Islamic bonds structured in such a way as to generate returns to investors without infringing Islamic law that prohibits “riba” or interest.
Adeosun made this known when she appeared before the Joint Committee on Finance and Appropriation of the Senate on Tuesday in Abuja to brief it on level of implementation of the 2017 budget.
Sukuk, a project-tied investment facility, attracted investors from across a broad spectrum of the public comprising pension funds, banks, fund managers, institutional and retail investors.
The Special Adviser on Information and Strategy in Osun State, Semiu Okanlawon, stated this on Wednesday against the backdrop of the move by the Federal Government to raise funds for roads construction through the interest-free bond.
Speaking in Lagos when the Director-General of the Debt Management Office, Patience Oniha, paid him a courtesy visit, Dangote described the Sukuk as a commendable initiative and urged Nigerians to invest in the offer which has the full faith and credit of the Federal Government.
Speaking at a one-day investors’ forum organised by the Debt Management Office in Kaduna on Thursday, CBN’s Deputy Director, Financial Markets Department, Demenongu Yanfa, assured participants at the forum of the apex bank’s commitment to the smooth running of the SUKUK.
DMO has consistently promoted policies to encourage the creation of opportunities for private sector access to long term capital in both domestic and international capital markets in order to sustain and expand their businesses
Nigeria plans to borrow as much as $10 billion from debt markets, with about half of that coming from foreign sources, to help fund a budget deficit worsened by the slump in oil prices that has slashed revenues and weakened the naira.