The Federal Government is undertaking various road projects worth N2.8 trillion across the country, Mr Chukwunwike Uzo, the Director of Highways, Planning and Development, Federal Ministry of Power, Works and Housing, has said. Uzo made this known in Abuja on Sunday. He said that the projects are being funded partly by proceeds of the Sukuk bond. The Federal Government had in 2017 raised N100 billion from Sukuk to fund 25 selected roads projects across the six geopolitical zones of the country.
The director explained that the government is financing ongoing road projects outside the Sukuk amounting to N1.8 trillion while the actual cost of the 25 Sukuk funded roads projects was N1 trillion. “The total contract sum of all the 25 Sukuk funded road projects is about N1 trillion and this means that the N100 billion raised through Sukuk cannot finish the projects. “What is happening now is that the Sukuk fund is being deployed to certain areas of the 25 roads that have been identified.