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Nigerian govt issues N1.1trn Sukuk bonds to finance 124 road projects – SEC

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The Securities and Exchange Commission, SEC, has said the Nigerian government issued six sovereign sukuk worth N1.1 trillion, which is the same as $657.6 million, to finance 124 federal road projects.

The Director General of SEC, Emomotimi Agama, disclosed this on Thursday at the 2nd International Islamic Capital Market Conference in Karachi, Pakistan.

Agama said the road projects covered over 5,820 kilometres across the six geopolitical zones of the country.

He said the success rate made the Islamic Capital Market (ICM) stand out as a resilient and innovative tool for mobilising resources.

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Agama described the issuance of sovereign Sukuk in 2017 as a key pillar responsible for the growth of the ICM in the country.

The DG said that the issuance had consistently been oversubscribed, with the subscription rate reaching as high as 441 percent.

He disclosed that sub-national and corporate Sukuk issuances were also growing in the country.

According to him, Nigeria can boast of 14 Halal mutual funds with a net asset value exceeding N105 billion as of November 2024.

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”Beyond Sukuk, the ICM segment in Nigeria offers diverse investment opportunities.

”From one registered fund in 2008, the segment currently boasts of 14 registered Halal mutual funds with a net asset value exceeding N105 billion as of November 2024.

”The NGX Lotus Islamic Index tracks 11 Shariah-compliant equities, while Nigeria’s first Islamic Real Estate Investment Trust—ChapelHill N-REIT—highlights the potential of real estate investments.

”The prospects for Nigeria’s Islamic finance industry are underpinned by key growth drivers, both global and domestic,” he said.

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Kalu Leads House Delegation to Ogun for Condolence Visit

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…eulogizes late Onanuga, ex-speaker Bankole’s mother

By Gloria Ikibah

Deputy Speaker of the House of Representatives, Rep. Benjamin Okezie Kalu, CON, has described the late Deputy Chief Whip, Rt. Hon. Adewunmi Oriyomi Onanuga, as an irreplaceable parliamentarian known for her vocal nature and friendly disposition.

Leading a delegation on behalf of the Speaker, Rep. Tajudeen Abbas, Kalu visited Sagamu, Ogun State, on a condolence mission to the late Onanuga’s family.

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Addressing the bereaved, he praised her dedication and influence, noting her unique presence in plenary sessions and unwavering support for her colleagues.

Kalu consoled her mother, Chief Mrs. Comfort Folashade Etutu, and her children, urging them to trust in God for comfort and strength. He assured the family of the House’s continued support and prayed against further untimely deaths in the household.

Earlier, Kalu led the delegation to Abeokuta for the fidau prayers of the late Mrs. Monsurat Atinuke Bankole, mother of former House Speaker Rt. Hon. Dimeji Bankole.

He lauded her sacrifices, which contributed to the success of her children, including the former Speaker’s contributions to the National Assembly.

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N800bn Inadequate for Nigeria’s Road Projects, Minister Umahi Tell Lawmakers

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By Gloria Ikibah

The Minister of Works, Dave Umahi, has described the N800 billion allocated to his ministry in the proposed 2025 budget as grossly insufficient to address Nigeria’s growing road infrastructure needs.

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Umahi stated this during the 2025 budget defence session held on Friday by the House Committee on Works, chaired by Rep. Akin Alabi.

Speaking candidly, Umahi called for an upward review of the ministry’s budgetary allocation, stressing that the current figure would barely make a dent in the nation’s road development agenda.

“We plead with you to help us. N800 billion cannot do anything for us. It cannot address our road needs, and so we plead with you to help us,” the Minister told the lawmakers.

Umahi who emphasised the importance of adequate funding to complete ongoing projects and initiate critical new ones across the country, also stressed that borrowing was a necessary step to bridge the infrastructure gap and stimulate economic growth.

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The Minister underscored the potential economic impact of infrastructure development, stating that it would create jobs and boost local economies.

“When the nation is in recession, you have to borrow money and invest in infrastructure. That is how you emerge from a recession. Infrastructure is a catalyst for economic activities, and this hunger we talk about will become a thing of the past,” he explained.

“Food sellers, sand suppliers, gravel workers, and others will benefit. Support Mr. President, and let’s borrow money to build infrastructure so Nigeria can be great again,” he added.

In response, Chairman of the Committee, assured Umahi that the committee would summon the Minister of Finance and the Head of the Budget Office to clarify the rationale behind the ministry’s limited allocation.

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The session also provided an opportunity for the Minister to address lawmakers’ concerns about the state of roads nationwide, with assurances that the government remains committed to completing ongoing projects.

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NASS Joint Committee Suspends Fire Service Budget Over Irregularities

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By Gloria Ikibah

The National Assembly Joint Committee on Interior has suspended the budget defence of the Federal Fire Service (FFS) following significant discrepancies in the agency’s 2024 budget performance and 2025 proposal.

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At a hearing chaired by Senator Adams Oshiomhole and his counterpart from the House, Chaired by Abdullahi Aliyu Ahmed, lawmakers flagged irregularities, including contradictory figures and inadequate documentation.

The committee uncovered discrepancies in the procurement of firefighting trucks, with similar units priced at N1.5 billion in one instance and N2.5 billion in another, despite being from the same supplier and of identical specifications.

The FFS Controller General, Jaji Abdulganiyu Idris, attributed the difference to variations in tanker sizes but failed to provide adequate supporting documentation.

Senator Oshiomhole criticized the inconsistencies, stating, “This reeks of over-padding or over-invoicing. Your written submission does not align with your explanation, and we cannot overlook this.”

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Lawmakers also raised concerns about unclear contract commitments and an outstanding payment of N603 billion for ongoing projects, which lacked proper specifications.

Oshiomhole emphasized fiscal responsibility, saying, “Every N10 wasted by MDAs adds up. Our duty is to ensure that every naira benefits Nigerians, especially the poor.”

The committee further queried the FFS over unverified revenue remittances. Idris presented manual receipts as evidence, but the lawmakers rejected them, demanding proper bank statements and confirmation from the Accountant-General’s office.

As a result, the committee stepped down the FFS budget defence, instructing the agency to rectify its submission. Oshiomhole warned, “Submit a revised presentation with accurate figures, or risk zero allocation in 2025.”

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The decision underscores the lawmakers’ commitment to accountability and efficient use of public funds, urging the FFS to address the issues promptly to secure its funding.

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