The 100 billion naira that the Federal Government targets to raise from its first ever Islamic bond, Sukuk, will be spent on critical road infrastructure across Nigeria.

This was disclosed by the Director-General of Debt Management Office, DMO, Patience Oniha, at the various stops of the roadshow organised to drum support for the bond last week.

According to a statement issued by the agency in Abuja on Tuesday, Oniha, alongside officials of the Ministry of Power, Works and Housing, told potential buyers in Lagos, Port Harcourt and Abuja that the money would be duly spent to provide basic amenities.

Also Read: Savings Bonds Subscription For September Is On

The DMO boss assured potential investors that the Sukuk was backed by the full faith of the Federal Government and is one of the avenues through which it intended to raise funds for capital projects.

“This is one of several efforts to raise funds for specific projects and this is backed by the full faith of the Federal Government. This is a rental product to cater for segments of our society that require such services,” Oniha said.

Also watch: