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Finance Minister Presents N250bn Sukuk Cheque to Fashola, Akpabio, Bello

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By Joseph Amah, Abuja

The Minister of Finance, Budget and National Planning, Mrs.  Zainab Ahmed has handed the N250 billion 2021 Sukuk proceeds to the Ministers of Works and Housing, M r.Babatunde Fashola, Federal Capital Territory, Alh. Mohammed Bello and Niger Delta Affairs, Senator Godswill Akapbio, for the implementation of various road projects, across the country.


The N250 billion was realized from the Sovereign Sukuk which was issued by the Debt Management Office (DMO), on behalf of the federal government, in December, 2021, as part of the Domestic Borrowing in the 2021 Appropriation Act.


Last year’s N250 billion was the fourth in the series which began in 2017, with the total amount raised through Sukuk now standing at N612.

557 billion.  All have been applied to road infrastructure.
Out of the current N250 billion, Works and Housing received N 210. 56 billion; FCT, N29 billion; while Niger Delta got N10. 43 billion.   
In her address, Mrs. Ahmed disclosed that with today’s releases of N250 billion, total 2021 capital release stood at N3.65 trillion, representing 80 percent of the N4.56 trillion capital budget for last year.


She said, “This N250 billion will be released as part of the 2021 capital expenditure in the 2021 appropriation Act which has been extended by the National Assembly to March 31, 2022.
So with this additional N250 billion, the total capital releases will now move to N3.65 trillion representing 80 percent of the capital appropriation for 2021.
The Director-General of the DMO, Ms. Patience Oniha said, “The introduction of Sukuk as a source of raising funds for the government has improved road infrastructure across the six geo-political zones.  As you travel each time, it is impossible to travel up to 200 km or 300 km and not see a Sukuk road and even in some cities, as well.


“The acceptance of Sukuk by investors and the verifiable evidence as a means of financing roads has encouraged some state governments to also issue Sukuk, at the sub-national level.”
According to her, the symbolic presentation of the cheque was an indication that the federal government was ready to run with the projects to be funded with the proceeds, as the money was ready for utilization.
She said, “The Sukuk is tied to the development of road infrastructure which is very closely aligned with the strategic objectives of the administration of President Muhammadu Buhari .  Needless to say , improvement in infrastructure, because of the multiplier effects it has, is accepted as one of the best ways of creating jobs, supporting and attracting new businesses and promoting overall growth and development.
Mr. Fashola commended the DMO for the Sukuk initiative, which was heavily criticized by some members of the public who alleged that the administration was adopting it to islamise Nigeria.
I think some calm came when we explained that the first N100 billion was going to be applied equally to all the six zones of Nigeria, meaning that each zone was going to get about N16. 6 billion and that any zone that felt that it was an attempt to islamise Nigeria should indicate that they don’t want the funds and that was the beginning of our journey.
He described the Sukuk option as a method of Public Private Partnership (PPP) that has become successful in the country.
According to the minister, “The first Sukuk of N100 billion was deployed to 25 roads and it delivered a total of N482 km; the second Sukuk in 2018 was deployed to 28 roads and it delivered a total of 643 km ; the third 2020, of N162 billion was deployed to 44 roads and delivered  757 km.  Many of these roads had been awarded before we came but were not funded.  Each year Sukuk came we were told the number of km that we must deliver with this money.   
“Part of the impact is that it created jobs for 97 construction and contraction companies “who are keeping people at work; who are demanding supplies of diesel, bitumen, asphalt and that is how the money is moving round the economy.
“When you pass any of these roads, say a prayer for DMO, say a prayer for the Ministry of Finance and say a prayer for the members of the National Assembly, because in government, nobody can do it alone.”
The Minister of the FCT, expressed gratitude that Abuja was allocated N29 billion from the N250 billion proceeds in order to fund six on-going road projects.
According to him, Sukuk has become a veritable means of funding infrastructure projects with private funds.
He assured that with the completion of those roads, the current traffic challenges in the FCT would ease significantly.
The Managing Director of Setraco Nigeria Limited, Engr. Ziad Mouannes, who spoke on behalf of the contractors pledged a judicious utilization of the funds.

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Don’t Diminish Your Influence by Your Actions, Shehu Sani Tells NASS Members

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A former member of the Senate, Shehu Sani, has cautioned the National Assembly against allowing its influence to be diminished by its actions.

Sani stated this while speaking at the opening of the National Assembly Legislative Aides’ Forum (NASSLAF) Week on Tuesday in Abuja.

The pro-democracy activist also urged the legislators to selflessly live up to their responsibilities, for the good of the country.

According to him, a subservient posture by the legislature is not in the interest of the country, warning that such can impede good governance and undermine democracy.

Sani compared the current national assembly with the Eighth Assembly, led by Sen.

Bukola Saraki, praising it (Eighth Assembly) for standing firm against executive’s overreach.

He observed, with dismay, that the powers of the national assembly appeared to be eroded with time.

“In our time, it was unthinkable for heads of MDAs to ignore our summons. They understood the gravity of our oversight functions,” he said.

Sani warned that the current assembly risked becoming a “rubber stamp” for the executive, sacrificing its independence and weakening democratic checks and balances.

Sani, therefore, cautioned the lawmakers against prioritising their personal gains over their constitutional responsibilities.

“This institution needs respect. If you turn yourselves into stooges, you will lose that respect. Our era defended legislative independence, but it came at a cost,” he said.

The former senator further stated that their insistence on doing the right thing birthed frosty relationships with the executive and caused delay in bills’ passage, warning that excessive cooperation was dangerous, as it could breed tyranny.

Sani cited instances where heads of MDAs openly challenged lawmakers during oversight functions, a behaviour which, he said, would not have been tolerated by previous assemblies.

“The senate president must ensure that nominees for appointments and executive proposals undergo serious scrutiny. This is not a place for automatic approval,” he stated.

Sani reminded the lawmakers that their primary duty was to serve Nigerians, not the presidency.

Sani also acknowledged what he called the vital but often over-looked roles of legislative aides, describing them as the backbone of the legislature, instrumental to drafting laws and policies for the country’s governance. (NAN)

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Court Remands Man, 50, for Alleged Unlawful Possession of Gun

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An Iyaganku Magistrates’ Court, Ibadan, on Tuesday remanded a 50-year-old man, Ismaila Aborode, in a correctional facility for allegedly being in possession of a gun, life and expended cartridges.

Aborode, whose address was not provided, was charged with unlawful possession of firearms.

The Magistrate, Mrs Gladys Oladele did not take the plea of the defendant for want of jurisdiction.

She directed the police to return the casefile to the Director of Public Prosecution (DPP) for legal advice.

She adjourned the case until Jan. 7, 2025, for mention.

The Prosecutor, Sgt. Samuel Owolabi told the court that the defendant allegedly committed the offence on Nov.

30, about 5.00 p.m, in Olede area of Ibadan.

Owolabi said the defendant unlawfully possessed one locally made double barrel gun, one life cartridge and one expended cartridge, without lawful authority.

He said the offence contravened Section 3 of the Robbery and Firearms Laws of Nigeria, 2004. (NAN)

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Police Trust Fund Begins Construction of Divisional Station in Kogi

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From Joseph Amedu, Lokoja

The Nigerian Police Trust Fund has commenced the construction of a modern Divisional Police station to enhance the security of Ekin-Adde community in Ijumu Local Government area (LGA) of Kogi.

The Executive Secretary, the Nigerian Police Trust Fund, Alh.

Mohammed Seidu, who performed the Groundbreaking over the weekend in Ekinrin-Adde, said the project would enable police personnel to have a good working environment towards a more secure society.

According to him, Kogi is strategically located at the Centre of Nigeria and Ijumu LGA borders four States, and it is key to locate such a divisional station in the area.

He commended the Inspector General of Police (IGP), Kayode Egbetokun for his continued support in the agency’s efforts to strengthen and provide better welfare and good working conditions for the Nigerian Police.

This, he said, had been enabling the police personnel to perform effectively in protecting the lives and property of the people.

He assured that such a project would be relocated nationwide across the 36 States of the federation including FCT.

Seidu urged the contractor to do a quality job and ensure strict compliance with the specified standard, and deliver the project within the timeframe of four months.

In his remarks, the Kogi Commissioner of Police, Bethrand Onuoha said the command was happy for the gigantic project as it would take security closer to the people at the grassroots.

“You can see that this area actually requires more security presence, and when this project is completed it will attract larger personnel to this place.

“A good working and enabling environment will bring out the best in our personnel. On our side, we are going to redouble our efforts to make sure this area is safe and secured,” Onuoha said.

The CP stressed that the police and other security agencies are committed to doing their best to make sure that Kogi remains safe especially during this festive season.

The Chairman of Ijumu LGA, Alh. Haruna Ibrahim, commended the police trust fund for the gesture, and promised to support and create an enabling environment for the success of the project.

In his address, the Olu-Ade of Ekin-Adde, HRM, Oba Anthony Bamigbaiye commended the police trust fund for the gesture, saying it was a thing that the community had been yearning for.

The royal father noted that the community with over 25,000 populations had only one policeman to secure the entire community.

He stressed that the divisional station would foster economic development and security of lives and property of the people in his domain and the entire Ijumu LGA.

The traditional ruler specifically appreciated the Executive Secretary of the police trust fund being an indigene of the community for facilitating the project to boost the security of lives and property of the people.

The Project Contractor, Alh. Toyin Abubakar of RASWAS Nig. Ltd promised to execute a quality job and delivered within the timeframe by the end of March 2025

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