‘How we spent N162.5b SUKUK funds on 44 federal roads’ –  Finance Ministry

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By Francis Ogwo

The Federal Ministry of Finance has released the complete expenditure breakdown of N162.5bn SUKUK funds for 44 critical road projects across the nation’s six geo-political zones.

According to the Finance Ministry, the objective of the breakdown is to offer insight for public accountability.

From the breakdown, the North-Central had N26.5bn on 143.44km (2020) for eight roads while the North-East had N30.5bn for eight roads of 277.53km

In the North-West, N26.5bn was spent 227.47kms, which was for seven roads.

The South-West likewise had N27bn expended on 59.74kms totalling six roads while the South-East gulped N26bn for 99.45kms totalling five roads.

About N26bn was devoted to 10 roads in the South-South, which was about 121.79kms.

The breakdown showed that the North Central had eight roads including the dualization of the Suleja-Minna Road in Niger State with about 17.2% completion.

The dilapidated Abuja-Abaji Road including the Airport link Road with Sheda Village also were listed for construction.

Other projects include the 5.5km Abuja-Lokoja Road, which is about 76% completion, the dualization of Obajana Junction to Benin covering over 63kms, construction of Oju/Loko Oweto Bridge, which would link Benue and Nassarawa with new approach roads.

Several other roads around the country were also reported to have gained the attention of the fund with constructions ongoing.

It can be recalled that the Minister of Works and Housing, Babatunde Raji Fashola, had on Monday July 20, revealed that 44 Federal roads spread across the six geo-political zones are being financed under the SUKUK Roads project.

Fashola made the disclosure in Abuja during a presentation of N162,557,000,000 Sovereign Sukuk Symbolic Cheque to the Federal Ministry of Works and Housing in Abuja, by the Minister of Finance, Budget and National Planning, Zainab Ahmed.

The number of roads listed as being executed per geo-political zone include North-Central having eight roads; North-East, eight; North-West, seven; South-West, six; South-East, five; and South-South having 10 roads each with the breakdown of the financial implication as follows: North Central, N26.5b; North-East, N30.5bn; North-West, N26.5bn; South-East, N26bn; South-South, N26bn; and South-West, N27.05bn.

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