The Debt Management Office has said it raised N130bn from its N100bn Ijarah Sukuk bonds, which were issued on November 21, 2022.
In a statement on its website on Monday,
the DMO said that it recorded 165 per cent oversubscription on the bonds.
Since it was introduced in 2017, Sukuk
bonds have provided N612.56bn for the Federal Government and have helped in
funding 71 roads and six bridges, measuring 1,881 kilometres across the
country.
The current amount raised pushed the total
amount raised to N742.56bn.
The statement read in part, “The Debt
Management Office is pleased to inform the public of the successful conclusion
of the Issuance of N100bn Sovereign Al ’Ijarah Sukuk. The Offer for N100bn
opened on November 21, 2022 and was supported by wide public sensitization to
encourage subscription from diverse investors, particularly the retail
investors.
“The initial Offer size of N100bn was
upsized to N130bn due to the over 165 per cent subscription level. The Sukuk
was issued at a Rental Rate of 15.64 per cent per annum. This brings the total
Sovereign Sukuk Issuance to N742.56bn as at date.”
The DMO noted that the proceeds of the 2022
Sovereign Sukuk, like the previous Sukuk Issue Proceeds, would be used solely
for the construction and rehabilitation of key road projects through the
Federal Ministry of Works and Housing and the Federal Capital Territory
Administration.