ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Sunday, May 22, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Sukuk Bonds

Sukuk Bonds

DMO lists N163 billion Sukuk bond on Nigerian Exchange Limited

The Ijarah Sukuk has a seven-year tenor at a rental rate of 11.20 per cent.

byRonald Adamolekun
March 18, 2021
2 min read

The Debt Management Office (DMO) Thursday dual-listed the N162.557 billion FGN Ijarah Sukuk with a seven-year tenor at a rental rate of 11.20 per cent on the Nigerian Exchange Limited and the FMDQ Securities Exchange.

The third Sovereign Sukuk was issued last June to fund countrywide rehabilitation and development of roads of key economic importance. It is due in 2027.

At the completion of the debt issuance in 2020, the Sukuk was overwhelmingly subscribed to the tune of N669.124 billion or 446 per cent, and the proceeds were intended to be ploughed into 44 economic road projects in the six geopolitical zones making up Africa’s biggest economy.

“With the listing, investors who are already holding the SUKUK can trade them while new investors have an opportunity to buy the SUKUK in the secondary market,” said Abuja-based debt office in a press release.

Africa’s largest economy has been heaping up debts to bridge a yawning gap in its road and rail infrastructures as well as in other critical amenities.

Its network of ramshackle roads, which are death-traps at the best of times, and poor power supply have stood in the way of growth and held back its potential for large-scale industrialisation.

“Infrastructure in Nigeria … is significantly behind other emerging market peers, with about $3 trillion needed over 30 years to close the gap,” global risk assessment firm Moody’s Investors Service said in a report published in November.

That leaves the minimum infrastructure spend at around $100 billion every year over three decades, roughly three times the size of the country’s 2021 budget, standing at $35.66 billion (N13.58 trillion).

President Muhammadu Buhari gave the go-ahead for the establishment of a $2.6 billion infrastructure company with a seed capital of N1 trillion that will run on a public-private partnership even though that commitment is just a drop in the ocean.

Patience Oniha, Director-General of Debt Management Office
Patience Oniha, Director-General of Debt Management Office

The DMO said it had succeeded in raising N362.57 billion in less than three years for road renovation and construction across Nigeria by way of the Sovereign Sukuk initiative.

Nigeria’s cumulative public debt ballooned to N32.915 trillion at the end of last year, the DMO said on Monday.

The country spends 83 per cent or more than four-fifths of its revenue on servicing debt even though the government said the total public debt to gross domestic product as of last December was 21.61 per cent and has restated its resolve to up the limit to 40 per cent in order to borrow more, defying analysts warning that the nation might be sinking beyond trace below its heap of debt.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

CITIZEN-FM AD


Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: Why women cheat: what every Nigerian man should know







PT Mag Campaign AD

Previous Post

Imo teachers protest non-payment of 12 months salaries

Next Post

UPDATED: EU agency declares AstraZeneca COVID-19 vaccine safe

Ronald Adamolekun

Ronald Adamolekun

More News

A cargo ship used to illustrate the story

ANALYSIS: Ending Nigeria’s oil dependency and preparing for a future without oil

April 9, 2022
ISS Today

ANALYSIS: Risks, rewards of Africa’s access to international capital markets

February 11, 2022
Nigerian food market. [Photo credit: The Guardian NG]

Nigeria’s minimum wage grossly inadequate, can’t meet basic nutritional needs of an adult – Report

January 21, 2022
Apapa Port - SON

ANALYSIS: How Buhari’s reforms impact corruption in Nigeria’s maritime sector

January 21, 2022
Lagos sea port usef to illustrate the story. [Photo credit: The Guardian Nigeria]

Improving Port Efficiency: Emerging good practice from Nigeria

December 30, 2021
Minister of Finance, Zainab Ahmed [PHOTO CREDIT: @FinMinNigeria]

ANALYSIS: Why Buhari’s plan to replace subsidy with transport grant may be misleading

November 29, 2021
Next Post
COVID-19 vaccine. [CREDIT: Duetsche Welle]

UPDATED: EU agency declares AstraZeneca COVID-19 vaccine safe

Signpost removed at Baptist Secondary school

Hijab Controversy: How church members are preventing resumption of schools in Kwara

Leave Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,843,613 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.