The Debt Management Office (DMO) has announced that N350 billion, generated from the recent N150 billion FGN Sukuk bonds, will be directed towards funding road construction, bridge development, and rehabilitation projects across the nation.

DMO revealed that the N150 billion bond issue received an overwhelming subscription, amounting to N652.82 billion, representing a remarkable 435 percent oversubscription.

In a statement issued on Friday, the agency outlined that the surplus N350 billion would be allocated to investors who participated in the offering.

The DMO stated, “In response to this strong demand for the Sukuk, the Debt Management Office has allocated N350 billion to the diverse investors who subscribed to the Sovereign Sukuk. The N350 billion will be utilized to finance the construction and rehabilitation of roads and bridges across the six geopolitical zones and the Federal Capital Territory (FCT).”

It’s worth recalling that the DMO had announced the issuance of N150 billion FG Sukuk bonds just a week ago, carrying a 15.75 percent interest rate per annum. These bonds come with a ten-year tenure and can be subscribed with a minimum unit investment of N1,000.

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