₦airaland Forum

FEDERAL GOVERNMENT INVESTS N16BN SUKUK BOND ON SOUTH EAST ROADS
source: http://www.eyesoflagos.com/2018/02/federal-government-invests-n16bn-sukuk.html

The federal government has invested N16.6 billion of the N100 billion Sukuk Bond for the rehabilitation of some roads in the South East geopolitical zone. In October 2017, the federal government had released the proceeds of the N100 billion Sukuk bond to 25 key economic road projects across the country. Eyes Of Lagos gathered that, The director of Highways, South East, Federal Ministry of Works, Mr Adetokunbo Sogbesan, made the disclosure in Enugu yesterday during a media tour of ongoing federal projects in the zone. Sogbesan said the investment is aimed at improving road infrastructure in the zone, adding that four different road sections were covered by the fund. He listed the sections to include the Enugu – Onitsha expressway, Enugu – Lokpanta, Lokpanta – Abia Tower and Abia Tower – Aba section of the Enugu – Port Harcourt expressway. At the 9th Mile – Enugu section of the Enugu – Onitsha Expressway, Sogbesan expressed satisfaction on the job done so far by the contractors, Reynolds Construction Company Ltd (RCC). He said the project, which covered a distance of 58km, is from Amansea in Anambra to Enugu. “Forty kilometres of the road is in Anambra while 18km is in Enugu section of the road. The contractors have achieved about 35 per cent completion of the project,” he said. He said that with the quality of job being done by the contractors, the road would make its expected lifespan of between 20 years and 30 years. Sogbesan, however, expressed concern over the heavy traffic flow on the road. He said, “I pray we get more funding so as to deliver this project at the right time. This project will improve transportation infrastructure. The micro-economy impact of this road will go a long way to help Nigerians”. Also, the federal controller of Works, Enugu, Mr Oluropo Oyetade, said that monitoring of the project had been encouraging since the contractors reported to site. Oyetade said that the contract with a completion period of 36 months was awarded in 2014 but was not funded till 2017, just as he noted that the job is expected to be delivered by December 2019. In a related development, the federal government has said it will use Infrastructure Bond Investment from financial institutions and investors to expedite execution of road and housing projects across the country. According to a statement from the information unit of the Works department, the Minister of Power, Works and Housing, Babatunde Fashola, disclosed this while receiving institutional investors, including HSBC, China group 3 and 4 led by the managing director of Stanbic IBTC, Dr. Damola Sogunle, in his office yesterday. Fashola explained that to finance road/bridge projects through Tax Relief and Islamic banking “Sukuk” cannot be enough to provide infrastructure development in Nigeria. He added that Infrastructure Bond Instrument will complement government efforts at providing the needed critical infrastructure to end users. The Minister however expressed the need for a reset in the housing sector in the country, emphasising that the “financial establishment must stand as the vanguard of the reset” by borrowing a leaf from countries that have successfully utilised similar investment practice, such as United Kingdom. Fashola disclosed that the Pilot Home for the National Housing Programme of the present administration has taken off in 33 states of the federation. This, he said, is made up of one to three bedrooms model, which are expected to be valued accordingly, considering the standard and infrastructure. The minister further disclosed that the federal government, currently holding 40% equity in the power sector, is of the opinion that privatisation is logical, arguing that it has been successful in the media, banking, aviation sectors amongst others. According to him, the Ministry will optimise on existing capacity even as government has approved distribution extension programme in power.

buharitill2023!
haters want like it..

Good one for the southeast.But Buhari must go in 2019.

Oya, let d wailing begin

This southeast wey I dey abi another southeast?. Spirit of lie mohammad don enter all apc members

God bless buhari and fashola.buhari till 2023 Jonathan their Messiah didn't build toilet for them till he was kicked out .yet buhari their enemy continue the good work.

Funny how the N100bn Sukuk fund was shared equally across all the 6 zones of the country, but the title of this report/thread just had to mention only the south east. I guess that's what happens when a zone becomes too 'popular.'

Lipscomb:
God bless buhari and fashola.buhari till 2023 Jonathan their Messiah didn't build toilet for them till he was kicked out .yet buhari their enemy continue the good work.

You took the words outta my mouth bro.
Baba will keep working while the haters keep hating.
In Buhari, we believe.
Good one comrade!

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That is the spirit my dear Easterners. Let them waste their money in vain instead of spending it on feeding and educating hungry almajiris.

When we eventually break away from them and form our own country, we can laugh at their stupidity from the comfort of our homes.

Liars

Sure they are working on the roads


But 16fucking billion is a bloody lie

bugidon:
This southeast wey I dey abi another southeast?. Spirit of lie mohammad don enter all apc members

It's obvious you can't read. This is what hatred do to you, it doesn't make you think like a normal human being.
So because the money was invested, then SUDDENLY and MIRACULOUSLY the new road will just appear?
You sleep and wake up to see the new roads?!
Smh

Read this again
(He listed the sections to include the Enugu – Onitsha expressway, Enugu – Lokpanta, Lokpanta – Abia Tower and Abia Tower – Aba section of the Enugu – Port Harcourt expressway. At the 9th Mile – Enugu section of the Enugu – Onitsha Expressway, )

HajimeSaito:


That is the spirit my dear Easterners. Let them waste their money in vain instead of spending it on feeding and educating hungry almajiris.

When we eventually break away from them and form our own country, we can laugh at their stupidity from the comfort of our homes.

The Government is building your roads and you termed it 'let them waste their money?'
How old are these people for Krisssake?!

Who is the maker of this false story? Lai Mohammed pls react.

Those motherfvckers did nt vote 4 buhari, bt they want to benefit his administration. Fvck IPOB.

Foolish government. Kano and other northern states were built with beer VAT.

The kind of stench of lies that proceed the mouth of all APC members is more positive that Ak47.

Is it the South East Nigeria they are talking about or South East Ghana.

Do these people even have single sense of moderating lies at all? At least make your lies believable!!

whether una build bridge for them or not..
the east is already consumed with hatred..
they wont still see anything good
thats why they will never move forward
and the lord of statues will be their punishment

all these copy and paste bloggers, at wat point una go realise say na ur time and data u dey waste. @ akelicous, brandspur, eyeof lagos etc. smh. google no go approve ur adsense

One Nigeria!

The political decision is shifting towards the east

Light cannot mix with darkness. They should reject the Islamic road and opt for road sponsored by CAN.

Sarcasm*

Everyday new story about south east roads.

A marginalized region without accessible road, rail lines, power for industrialization, nothing to show as part of Nigeria.

well the toll gate will be back as that money must be recovered o

I am from Abia, reside in Anambra, visits Enugu on a weekly basis. All these roads they are calling, I have not seen even ONE single construction know any of them. Onitsha-Enugu road is in such a mess. Infact it takes divine intervention for you o constantly travel through it on a daily basis without accident happening.

Government OOF Lie Mohammed

Why is this FG trying so hard to deny us Flattîes our Abiama given rights to wail? We reject this infringements on our rights.

ok

Lipscomb:
God bless buhari and fashola.buhari till 2023 Jonathan their Messiah didn't build toilet for them till he was kicked out .yet buhari their enemy continue the good work.

Didn't build toilet Hahahaha that one deep ooo..