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The President Muhammadu Buhari-led federal government may have found a new way of funding the 2016 budget, according to reports.

This new resort, a Sukuk Bond, was secured as the budget deficit widens due to pressure on the federal revenue following steady 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.

Source: https://www.naij.com/703346-president-buhari-figured-new-way-fund-2016-budget.html