According to Oniha, Sukuk helps in infrastructure development and also achieves associated multiplier benefits.
The Debt Management Office (DMO) says its ₦150 billion Sovereign Sukuk received a subscription of N652.827 billion.
The Director-General of the DMO, Patience Oniha, made this known on Thursday in Marrakech.
According to Oniha, the subscription level, which is 435 percent of the ₦150 billion original amount, shows that the level of awareness of the product has increased.
She said it was also an indication that investors were willing to support the financing of infrastructure.
The Director-General of the DMO, Patience Oniha, made this known on Thursday in Marrakech.
According to Oniha, the subscription level, which is 435 percent of the ₦150 billion original amount, shows that the level of awareness of the product has increased.
She said it was also an indication that investors were willing to support the financing of infrastructure.
She said that the Federal Government had raised and deployed N752.56 billion through the Sukuk, for the development of critical infrastructure since 2017.
According to her, Sukuk helps in infrastructure development and also achieves associated multiplier benefits.
“The DMO, through the issuance of Sukuk, has raised and deployed N752.557 billion to the rehabilitation and construction of N4,000 kilometers of roads and bridges across the six geopolitical zones and the Federal Capital Territory (FCT).
“Apart from infrastructure development, Sukuk encourages financial inclusion by offering ethical investors an opportunity to invest in government securities.
“It deepens the domestic financial market and also sets a benchmark for corporates and subnationals,” she said.
She assured that the Sukuk was backed by the full faith and credit of the Federal Government.
