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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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Nigeria at 66: Which Way Nigeria?

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By Tochukwu Jimo Obi

Sixty six years after independence, Nigeria should be asking itself a question that can no longer be postponed: what exactly has become of the great promise of our nation? A country blessed with enormous human and natural resources should not, at this stage of its journey, still be struggling with problems that ought to have become distant memories.

As we mark 66 years of independence, this should be more than another occasion for colourful ceremonies, patriotic speeches and celebrations.
It is a time for sober reflection as a people, to examine where we are, where we ought to be and, most importantly, how best to move Nigeria forward.

Undoubtedly, Nigeria is not where it used to be. There have been significant developments in different sectors of the economy and society, and successive administrations have introduced policies and programmes aimed at addressing the country’s challenges. However, we must also acknowledge that we are certainly not where we ought to be, considering the enormous human and natural resources available to us. A nation blessed with abundant natural resources, a large youthful population and considerable human capital should be able to provide a higher standard of living for its citizens.

At 66, Nigeria should have no reason to still be battling with inadequate power supply, dilapidated roads, massive unemployment and widespread hunger. These are challenges that have persisted for decades, despite the huge resources committed to addressing them. While some of our past and present leaders may have done, or may still be doing, their best, the reality remains that their efforts alone have not been enough to solve the numerous problems bedevilling the nation. What Nigeria requires is sustained commitment, effective institutions, accountability and policies that go beyond individual administrations.

Corruption and insecurity also continue to pose serious challenges to national development. Resources that should be channelled towards infrastructure, education, healthcare, job creation and other essential services can be undermined by corruption and poor accountability. Similarly, insecurity discourages investment, disrupts economic activities and threatens the lives and livelihoods of citizens. We cannot continue like this as a nation. There must be a collective determination to strengthen institutions, uphold the rule of law and confront the factors that continue to undermine national development.

Unfortunately, the people themselves appear to have become accustomed to many of these perennial problems. This has contributed to a situation where some citizens fail to demand accountability from leaders or make effective use of their democratic power during elections. Democracy gives citizens the opportunity to choose their representatives and to replace those whose performance does not meet their expectations. Elections should therefore be about competence, integrity, policies and the ability to serve the public interest, rather than personal loyalty or temporary benefits.

Sycophancy has also become increasingly visible in our political space. Some people praise leaders excessively for personal gain, defend actions they would ordinarily condemn and, in some cases, sell their votes during elections, only to complain about bad leadership afterwards. Citizens must understand that leadership and followership are interconnected. When voters trade their electoral power for immediate personal benefits, they may be contributing to a system that makes it more difficult to demand responsible governance later. The ballot should be treated as an important instrument for shaping the future of the country.

As Nigeria marks this 66th anniversary, our leaders at all levels must put the interest of the nation at the centre of their decisions and actions. Religious, political and ethnic considerations should not be allowed to take precedence over the collective interest of Nigeria. Diversity should be a source of strength rather than a reason for division. Those entrusted with public office must remember that political positions are temporary, while the consequences of decisions taken in office can affect generations yet unborn.

The people also have an important role to play in moving Nigeria forward. Citizens must obey the law, reject corruption, participate responsibly in elections, demand accountability and contribute positively to their communities. Professionals must give their best in their respective fields, young people must be encouraged to pursue productive opportunities, and the private sector must continue to contribute to economic development. Nation building cannot be left entirely to government. Every Nigerian has a responsibility to contribute to the Nigeria we desire.

At 66, the question, therefore, is not simply which way Nigeria, but what kind of Nigeria do we want to leave for the next generation? The answer lies in our collective willingness to change the things that have held us back, strengthen the institutions that sustain democracy and development, and place national interest above personal, political, religious and ethnic considerations. Nigeria has the resources, talent and potential to achieve greatness. What is required is the collective will to translate that potential into reality. As we celebrate 66 years of independence, let us renew our commitment to building a peaceful, prosperous and united nation. Nigeria shall be great again.

Tochukwu Jimo Obi, Obosi Anambra state.

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Customs Recruitment: Nearly 3,000 Candidates Screened Without Casualty

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By Tambaya Julius, Abuja

The Nigeria Customs Service (NCS) has concluded the final phase of its 2025 recruitment exercise, with nearly 3,000 shortlisted candidates undergoing screening in an exercise the Service said recorded improved coordination and efficiency.

The two-week exercise, held at the Training and Doctrine Command (TRADOC), Gwagwalada, Abuja, commenced on September 7 and ended on September 19, 2026.

Candidates shortlisted for the Assistant Superintendent of Customs II (ASCII), Inspectorate and Customs Assistant cadres underwent documentation, physical fitness assessments and medical screening as part of the final stages of the recruitment process.

The exercise was conducted in batches, a measure introduced by the Service to reduce congestion and ensure smoother movement of candidates through the various screening points.

Speaking on the exercise, the Assistant Comptroller-General of Customs in charge of Human Resource Development, Frank Onyeka, said the Service had addressed challenges identified during the earlier phase of the recruitment process.

According to him, measures were introduced to improve coordination and reduce congestion at the screening centres.

“We have put measures in place to reduce congestion and ensure a smoother process this week. The gaps identified last week have been addressed, and we do not expect them to recur this week,” Onyeka said.

He urged candidates to remain disciplined and comply with the procedures established for the exercise.

The Service also introduced personalised screening forms as part of efforts to strengthen verification and minimise discrepancies in candidates’ records.

The Deputy Comptroller of Customs and member of the recruitment coordinating team, Adamu Musa, said each shortlisted candidate was provided with a form containing personal information and details required for the various stages of the screening.

He said the approach represented a departure from the previous system in which candidates received forms at the screening venue.

“Any candidate that has been shortlisted has a form designed especially for him, unlike in the past where you come, they issue you a form, and then some people along the way go and even change some of the records,” Musa explained.

According to him, the forms contained candidates’ names and other details covering sports, medical assessment, documentation and related requirements.

“So, once the candidate comes, you just verify what you already have from the system,” he added.

Musa said the new arrangement had made it easier for officials to authenticate candidates’ information while reducing opportunities for alterations and discrepancies.

The recruitment team also assessed candidates against established requirements, including age, physical fitness and drug screening.

Musa disclosed that candidates who test positive for hard drugs, exceed the stipulated age requirement or are found to have physical conditions that could affect their ability to perform their duties may be disqualified, subject to the final decision of the Service’s management.

He also stressed the importance of continuous recruitment and manpower development, noting that the expanding responsibilities of the Customs Service require personnel capable of responding to emerging challenges.

According to him, a well-trained workforce remains important to the Service’s responsibilities in national security, border protection, revenue collection and trade facilitation.

The Service also warned candidates and members of the public against relying on unverified information about the recruitment exercise.

Musa urged applicants to obtain recruitment updates only through the official communication channels of the Nigeria Customs Service, including its official website and verified social media platforms.

He warned that fraudsters could exploit the recruitment process by circulating fake announcements, misleading applicants or making unauthorised demands.

The warning comes as the Service moves towards the next stages of the recruitment process following the completion of the final screening exercise.

With the introduction of personalised forms, batch screening and tighter verification procedures, the NCS said it had strengthened the process to improve efficiency, reduce congestion and protect the integrity of the recruitment exercise.

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Post Recapitulation: NAICOM Holds First Quarterly Staff Meeting

By Tony Obiechina, Abuja

The Commissioner for Insurance, Olusegun Ayo Omosehin, at the weekend presided over the Quarterly Staff General Meeting of the National Insurance Commission (NAICOM), the first such gathering since the successful conclusion of the insurance industry’s recapitalization exercise.

The meeting brought together management and staff to review the achievements recorded during the recapitalization programme and to align on the Commission’s strategic direction for the period ahead.

Participants also used the occasion to discuss issues bordering on staff welfare, institutional effectiveness, and the overall growth of the organization.

In their deliberations, the Commission reaffirmed its commitment to stronger regulation and supervision of the insurance sector, continuous capacity building for staff, and sustained operational excellence.

NAICOM said in a statement on Saturday that the resolutions reached at the meeting would help drive the emergence of a more resilient, competitive, and trusted insurance industry in the country.

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