The Federal Government has spent 3.4 trillion naira on capital expenditure as at November 2021, when compared to the total capital budget of 4.569 trillion naira.
Also, the ministries of Federal Capital Territory, FCT; Works and Housing and Niger-Delta shared the 250 billion naira Sukuk-4 funds raised in December 2021 by the Debt Management Office, DMO.
It was however gathered that so far, 612.557 billion naira has been raised from Sukuk since its inception in 2017.
The Minister of Finance, Budget and National Planning Zainab Ahmed, who made this known in Abuja at the symbolic presentation of Sukuk cheques to the beneficiary Ministries, explained that the latest 250 billion naira Sukuk will be released as part of the capital expenditure in the 2021 Appropriation Act, which has been extended by the National Assembly to March 31, 2022.
She added that out of the 3.4 trillion naira released, 2.98 trillion naira represents 83 per cent of the provision for MDAs’ capital, 369.9 billion naira for multi-lateral/bilateral project-tied loans, and 49.52 billion naira as Government Owned Enterprises capital expenditure.
Earlier in her remarks, the Director General of the DMO Patience Oniha noted that Sukuk funds were important in infrastructure sector because of the multiplier effects.
