Budget: FG Targets N100bn From Islamic Bond, And - Business - Nairaland
Nairaland Forum / Nairaland / General / Business / Budget: FG Targets N100bn From Islamic Bond, And (7316 Views)
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| Budget: FG Targets N100bn From Islamic Bond, And by sarrki(m): 5:47am On Sep 07, 2017 |
Everest Amaefule, Abuja The Federal Government will today (Thursday) commence activities preparatory to the issuance of N100bn non-interest bearing Islamic bond, better known as sukuk. A statement issued by the Debt Management Office in Abuja on Wednesday said a national roadshow to be led by the Director-General of the DMO, Ms. Patience Oniha, would begin today (Thursday). The N100bn targeted from the bond is one of the sources of funding the 2017 budget. Sukuk is structured in such a way as to generate returns to investors without infringing Islamic law that prohibits riba or interest. It represents undivided shares in the ownership of tangible assets relating to particular projects or special investment activity. The roadshow will visit major cities like Kano, Kaduna, Lagos and Port Harcourt. Also to be involved in the show are financial advisers to the issue, Lotus Capital Financial Services Limited and FBN Merchant Bank Plc. According to the DMO, the roadshow is to create awareness about the sovereign sukuk and sensitise target investors to the features and benefits of the sovereign sukuk. The DMO had earlier announced its intention to issue a sovereign sukuk in the domestic market as part of measures to fund the 2017 budget deficit. Apart from serving as alternative source of funding for the government, the sukuk is expected to serve to diversify the investor base for FGN Securities, promote financial inclusion and deepen the domestic capital market. Proceeds from the sukuk issuance, according to the DMO, will be used to finance specific road projects. The DMO explained, “Sukuk are asset-based securities and not debt instruments, and represent ownership in a tangible asset, service, project, business or joint venture. This is why sukuk fits into our debt strategy of borrowing to finance capital projects contained in the budget. “This ensures that government borrowings are used to finance development projects, which have multiple economic and social benefits for citizens.” http://punchng.com/budget-fg-targets-n100bn-from-islamic-bond-sukuk/ 5 Likes 1 Share |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by kaleam(m): 6:20am On Sep 07, 2017 |
They won't say a word 6 Likes |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by Willybos(m): 6:38am On Sep 07, 2017 |
K |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by Omeokachie: 6:49am On Sep 07, 2017 |
Where is the trillions claimed to have been generated from the TSA? What about the 2trillion from FIRS? All the monies saved from blocked leakages nko? And the savings from all the busted ghost workers? They should tell us what actually they are borrowing all these monies for, or is it early mobilization for the upcoming elections? Ndi ochu! 36 Likes 1 Share |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by nony43(m): 7:19am On Sep 07, 2017 |
B |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by chibike69: 7:20am On Sep 07, 2017 |
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| Re: Budget: FG Targets N100bn From Islamic Bond, And by Mrchippychappy(m): 7:23am On Sep 07, 2017 |
islamization now loading 6 Likes 1 Share |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by pinkcottoncandy: 7:25am On Sep 07, 2017 |
Buhari is slowly but surely carrying out his mission of islamizing this stupid country Why does it have to be an islamic bond.... Why not FCT bond? This will not take away the aim of raising capital to fund invisible projects. When you finish with the islamic bond, make sure you also do the christanity bond Economic mumu!!! Until Nigerians can demand for THINKTANKS to make our policies in every aspect of our fundamental economics decision making process, things will only get worse. 16 Likes 1 Share |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by WenysAD(f): 7:25am On Sep 07, 2017 |
Person will jejely wake up and will just be seeing money e have not even dream about. There is God ooo Let me go back and dream about all this money and touch them biko so I can claim it in real life 1 Like |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by LexngtonSteele: 7:26am On Sep 07, 2017 |
I am a Muslim and very patriotic Nigerian. .. BUT I won't give Nigeria money to invest and not collect any interest on my money. I would rather invest in treasury bills (I plan to). Someone please explain if I am wrong about this bond not yielding any dividends to the depositor PS - People ranting about Islamization of Nigeria are so hilarious  Islamic Bonds simply mean "no-interest-accruing" because it's forbidden in Islam. Since its optional to buy such bonds, it's not by force...And don't worry they won't recite Arabic when collecting your money 20 Likes 2 Shares |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by SuperSuave(m): 7:26am On Sep 07, 2017 |
Is Nigeria an Islamic nation? Pardon my ignorance pls 1 Like |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by Nobody: 7:27am On Sep 07, 2017 |
I pray it works |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by demarc001: 7:27am On Sep 07, 2017 |
Really |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by kittykollinxx(m): 7:28am On Sep 07, 2017 |
they yaff come again |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by Chiidi(m): 7:28am On Sep 07, 2017 |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by saabright(m): 7:28am On Sep 07, 2017 |
Mrchippychappy:Are u blind.....can u read? |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by saabright(m): 7:28am On Sep 07, 2017 |
Mrchippychappy:Are u blind.....cant u read? |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by Edu3Again: 7:28am On Sep 07, 2017 |
The South of Nigeria needs to leave these people to form their Islamic Boko Haram Republic. 7 Likes |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by AceRoyal: 7:28am On Sep 07, 2017 |
What about the loan this government said they'll get from China? The loan from IMF and world Bank? What about all the monies saved by TSA and the money also saved by the removal of subsidy? What about the monies saved by the discovery of so many ghost workers? Let's not forget the billions recovered from looters in the anti-corruption crusade? Running from pillar to post and political policy somersault coupled with neck deep nepotism and corruption coupled with the high cost of doing business in Nigeria from little or no power supply to multiple taxations, are the main cause of the economic crisis in this country. Let's not forget the religious and ethnic tensions all made worse under this government. May God help Nigeria! 3 Likes 2 Shares |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by kollinz1234(m): 7:29am On Sep 07, 2017 |
I don't even understand all they are saying up there. whether Suku or Suya Nigeria is a secular state, they should stop telling us about sovereign 'Suku'. If it is sth the fg wants to do, they should give it an English name. 2 Likes 2 Shares |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by Danny287(m): 7:31am On Sep 07, 2017 |
I reserve my comment |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by chuose2: 7:33am On Sep 07, 2017 |
I remember clearly God gave Nigeria warnings through pastor Bosun Emmanuel that Buhari has an Islamic agenda in the video below. https://www.youtube.com/watch?v=5FhYpKBKusQ  Redeemed & Charlatan Prophet Adeboye Issued a letter urging us to ignore God's warnings [img]https://3.bp..com/-0fqVWbAH45I/WJMoRv_O7PI/AAAAAAAAADs/UJJVFd8N0oQnEBUwv4t-iObItSkSWv9UgCPcB/s1600/latest%2Bletter%2Bcropped%2Bfinal.png[/img] Now we have Buhari carrying out his long planned full sharia of Nigeria. What is worrying is that Buhari made no secret that he wants to Islamize Nigeria  Yet inspite of Buhari annoucing he plans to Islamtize Nigeria, Adeboye gave him his blessings  Christians need to wake up and see that Redeemed are deceiving them, thats why Redeemed does not condemn the killings of their own pastors  See Adeboye cannot condemn the killings becos he helped APC & Buhari come to power  NOW ASK YOURSELF WILL A REAL CHRISTIAN HELP AN ISLAMIST WHO SAID CLEARLY HE WANTS FULL SHARIA IN NIGERIA TO COME TO POWER? PLEASE WAKE UP TO THE FACT THAT REDEEMED IS ONLY INTERESTED IN YOUR MONEY 1 Like |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by 9japrof(m): 7:35am On Sep 07, 2017 |
Stupid Buhari and his APC government are seriously bent on enslaving Nigeria. I dont have problem with debts or loans, no serious government or business can do without loans, the problem is that there is no commensurate work on ground to really prove that all these money collected are being put to good use. Lets not forget that over 7 trillion naira was collected from Treasury bill sales just this year. Lest not forget that FIRS, customs have been pumping in money in billions as revenue generated. Additionally oil prices have stabled in recent times and the activities of the militants have been curtailed. Nigeria no longer spend trillions yearly on fuel subsidy. Nigeria under this man's watch has collected loans from China spaning into millions of dollars. What we keep hearing is that deizannis properties, houses money have been forfeited to the FG meaning the money can be used by the FG. We hear trillions have been saved through TSA, we hear that billions of naira have been recovered from looters then my question is, with all these money available, why the craze for collecting loans? Do this government have a hidden agenda? Am happy scales are now falling out off the eyes of this mofos we have that were stunch believers of this careless, lieing incompetent propagandist government except from some few conscienceless hypocrital individuals who peanuts been paid by BMC to them have blinded their thinking faculty that they have no sense of reasoning. 5 Likes 2 Shares |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by Emtol01: 7:36am On Sep 07, 2017 |
SuperSuave:Is England and USA an Islamic Nations? Wake up fellow compatriot don't let religion becloud ur sense of responsibility. 2 Likes 1 Share |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by don4real18(m): 7:38am On Sep 07, 2017 |
Omeokachie:They are using it to pay the Senate salary 1 Like |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by don4real18(m): 7:41am On Sep 07, 2017 |
kollinz1234:With all the English names we are using, Nigeria is still not classified as an English-speaking Country |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by Nobody: 7:41am On Sep 07, 2017 |
LexngtonSteele: who cares? 2 Likes |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by lilytender: 7:42am On Sep 07, 2017 |
pinkcottoncandy: The Director-General of the Debt Management Office, Ms. Patience Oniha is a Christian, I think you should go and ask her, then you can go and die. 4 Likes
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| Re: Budget: FG Targets N100bn From Islamic Bond, And by LexngtonSteele: 7:43am On Sep 07, 2017 |
Ezechinwa:Your whining shows you do...IPOB m0r0n |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by SuperSuave(m): 7:43am On Sep 07, 2017 |
Emtol01:OK sir |
| Re: Budget: FG Targets N100bn From Islamic Bond, And by SuperSuave(m): 7:45am On Sep 07, 2017 |
LexngtonSteele:lol..thanks for the enlightenment |
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