The Niger state House of Assembly on Wednesday granted the request of the state governor, Abubakar Sani Bello, to access N25billion Sukuk bond for some developmental projects in the state.
In a letter written to the state assembly and read at today’s plenary by the Speaker, Honourable Abdullahi Bawa Wuse, the governor explained that the government intends to take the bond because of its commitment to the objective of transforming the state.
“The government reviewed its capital intensive development projects and resolved in some high leveraged projects and high impactful visible projects.
“Thus, the government seeks to upgrade, construct and reconstruct some essential roads. The capital intensive projects which require long term funding will mostly be funded through a N25billion infrastructure development Sukuk Bond programme.”
The letter further stated that the bond would be issued in two tranches of N15billion and N10billion consecutively.
Speaking at its sitting, the Speaker said the new letter from the governor was a response to the resolution of the last sitting requesting for further details in respect of the N25bn sukuk bond by the state governor.
“It is titled request for house of assembly approval of N25bn Sukuk development bond issuance programme.
“Further to Mr Governor’s letter to the Rt Hon. Speaker dated 14th January 2020 and subsequent letter dated 16th January 2020 in respect of the above subject matter, I wrote to provide the following additional information. The tenure of the Sukuk bond/bridge finance not more than seven years.
“Location of Rural Access Mobility Project (RAMP) roads totalling 235.19kms, Kutigi to Tashar Ajia road 55.32kms, Wiasumon to lemu road 37kms, Wiakantin to Etsu Tasha road 11.20kms, Suleja to Abuchi to Izon road 21kms, Old Gau to Farindoki road 21.97kms. Kapani gogo to Bangi road 88.7kms,” the speaker said while reading a new letter detailing what the bond is meant for.
Wuse, however, seek for his colleagues’ opinions after which they unanimously approved the request of the governor.
