(Ecofin Agency) - The Federal government of Nigeria will spend N150 billion ($405 million) sukuk issued by the Debt Management Office (DMO) to finance 44 road projects ongoing in the country. The information was reported by the Minister of public works, Abubakar Aliyu, on March 12 in Abuja during a symposium on the national policy and development.
The official says the projects are part of a larger series of 500 road and bridge projects planned by his department, under the national road infrastructure rehabilitation scheme.
Between 2017 and 2018, the government of Nigeria spent N200 billion ($541 million) sukuk on 58 major road projects across the territory, according to Abubakar Aliyu.
In response to growing concerns from international organizations regarding the management of its debt, Nigeria announced last year its intention to limit the issuance of Eurobonds in the financing of its budget.