The President Muhammadu Buhari-led federal
government may have found a new way of
funding the 2016 budget, Vanguard reports.
This new resort, a Sukuk Bond, was secured as
the budget deficit widens due to pressure on the
federal revenue following steady the decline in oil
revenue.


The Bond is said to be a financial certificate
which is similar to the traditional government
bond, but aligns with Sharia, Islamic religious
law.


To achieve this, the Debt Management Office,
DMO, and Securities and Exchange Commission
(SEC) are working hand-in-hand to issue the
Nigerian sovereign Islamic bonds this year.
Although the details of the revenue to be
generated from the bond has not been disclosed,
officials confirmed that they expect significant
bridging of the 2016 budget deficit which has
exceeded the initial N2.2 trillion estimate.
“Issuing a sovereign Sukuk will attract significant
amounts of affordable capital from the Gulf
countries and other established Islamic markets
around the world into Nigeria,” the DMO informed.
Meanwhile, Nigeria’s minister for information and
culture, Alhaji Lai Mohammed, has given reasons
the president’s budget may not work if the issue
of corruption is not tackled


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Great

Mortgaging Nigeria to Islam.
E don dey happen.

Has Islamization started

Don't get me wrong, Boko haram is our brothers