The Federal Government has released N100 billion to road
contractors for the construction and rehabilitation of 25 road projects in the six geopolitical zones... The Federal Government raised the funds through the issuance of Sukkuk bonds. Sukkuk bonds are Islamic bonds, structured in such a
way as to generate returns to investors without infringing
Islamic law that prohibits “riba” or interest. Holders are entitled to a share in the revenues generated by the Sukkuk assets.The Minister of Finance, Mrs Kemi Adeosun after
presenting the cheque of N100 billion to the Minister of Power Works and Housing, Babatunde Fashola, said that the money would be used to construct roads necessary for the country’s economic growth. The representative of the
contractors, Mr. Mousa Nahkia, who is the Managing Director of RCC Nigeria Limited, expressed the contractors’ gratitude
to President Muhammadu Buhari for “working day and night
to make this a reality.” Also, the Director, Highway
Planning and Development, Ministry of Power, Works and Housing, Mr. Chukwunwike Uzo, said that the money had been shared equally amongst the six zones. The North Central has five projects which are the dualisation of Lokoja-Benin road, Abuja-Abaji-Lokoja road section one, three and
section four and Construction of Oju-Loko-Oweto Bridge over River Benue. The North East has four projects - the dualisation of Kano to Maiduguri road sections two, three, four and five. Similarly, the North West region has four projects namely the Dualisation of Kano to Katsina road phase one, dualisation of Suleja to Minna roads in Niger State, Phase two, construction of Kano Western bypass and
the Kaduna Eastern by-pass road.
Four projects would benefit from the South East namely the rehabilitation of Enugu-Port Harcourt dual
carriage way section two, Onitsha to Enugu expressway, Enugu to Port Harcourt dual carriageway section one, and three. For the South-South, five projects will benefit from the fund - dualisation of Yenegwe to Kolo to Otuoke to Bayelsa palm road. Other projects in the region are the rehabilitation
of Enugu to Port Harcourt road section four and the
dualisation of Lokoja to Benin road section two, three and four and five. Finally, three projects would be executed in the
South West region namely; reconstruction and asphalt
overlay of Benin to Ofosu to Ore to Ajebandele to Shagamu dual carriageway phase three and four. Also the dualisation of Ibadan to Ilorin road section two would also be completed using the raised funds.
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