Economy

FG raised N362.57 billion in less than three through Sukuk bonds

The Debt Management Office (DMO) has earmarked N362.57 billion in less than three years

The money was raised  for the rehabilitation and construction of major economic roads across the country.

The infrastructure funds was raised through the issuance of Sovereign Sukuk.

A statement from the DMO noted that “by issuing Sovereign Sukuk, the product range available to investors in the domestic financial market has increased, while, several retail investors have been attracted to the financial markets”.

Owing to the  success recorded in past Sovereign Sukuk issuance, the DMO on Thursday listed its third Sovereign Sukuk “N162.557 billion seven-year 11.200 per cent AL Ijarah Soveriegn Sukuk Due2027” on The Nigerian Stock Exchange and the FMDQ Securities Exchange.

“The Sukuk which at the time of issuance was massively subscribed to the tune of N669.124 billion or 446 per cent, was issued to finance 44 economic road projects across the six -geopolitical zones”.

Die to the new development investors who are already holding the SUKUK can trade them while new investors now have an opportunity to key into the secondary market..

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