Nigerian govt raises N2.205tn on N300bn Sukuk bond for roads construction – DMO

The Nigeria’s Debt Management Office has announced that the federal government raised N2.205 trillion from its N300 billion series VII Sovereign Sukuk bond.

DMO disclosed this in a statement on Wednesday.

According to DMO, the Sukuk bond recorded an unprecedented subscription excess of 735 percent.

DMO noted that this is clear evidence of the huge investor appetite for its instrument introduced since 2017.

It added that funds realised from the issuance would be used by the government to construct new roads and rehabilitate existing ones, as well as build bridges in the six (6) geopolitical zones of the country and the Federal Capital Territory.

“An analysis of the subscriptions showed that the subscribers cut across various segments of the public: retail, non-interest banks and financial institutions, banks, pension fund administrators, asset/fund managers, and others.

“The DMO remains committed to providing safe and liquid investment products to the public and supporting the FGN’s development plans,” the statement reads.