Niger to take N21.5bn Sukkuk Bond

April 17th, 2018

From Suleiman Isah, Minna

The Niger State government says it has concluded arrangements to secure a N21.5 billion Sukkuk bond to enable it cover infrastructural gap within the next next two years.

The Commissioner for Finance, Alhaji Zakari Abubakar, disclosed this on Monday to news men in the Government House in Minna, the state capital.

He said that the bond which will be released in two tranches will be used to finance six projects, which were carefully selected to meet the yearnings and aspirations of the people.

According to him, “the projects are to be carried out in phases with the first phase of N12.5 billion kicking off this year while the second phase slated for 2019 would gulp N9 billion. The facility has a seven- year repayment plan at an interest rate of 17 per cent.”

Some of the projects to be executed under the bond are the Minna township roads and the construction and rehabilitation of Kontagora General Hospital, under the first phase of the infrastructural development projects.

The second phase of the project, according to the commissioner, will be the construction of Mariga International Market, rehabilitation of Kontagora water treatment plant, construction of Suleja Trailer Park and the development of Niger State Mining Development City.

Similar Post You May Like read more
Just In read more