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Published On: Wed, Apr 18th, 2018

Niger Gov’t takes N21.5 billion Sukuk Bond

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From Yakubu Mustapha, Minna

The Niger State government has concluded plans to take a loan of N21.5 billion with meritorioum of seven years for infrastructural development to be executed for six projects in the state The Commissioner for Finance, Honorable Zakari Abubakar disclosed this to newsmen in Minna yesterday in government house saying that the first N6 billion bond taken by the previous administration has been fully paid.
He added that out of the N27 billion bond taken by the Dr. Mu’azu Babangida administration, the state government still has N8.1 billion outstanding bond dept to be paid.
Abubakar explained that the N2.1 billion which is outstanding from the N9 billion bonds would be repaid in 2021 while the N12 billion bonds has an outstanding balance of N5.4 billion balance which would also be repaid by 2021.
He further hinted that at the inception of the Abubakar Sani Bello’s administration, the government wanted tenure elongation to enable the payment of the bond to reduce pressure on the government due to the economic downturn.
The Commissioner said that the government has made plans to take N21.5 billion Sukuk Loan Bond to find infrastructural projects across the states.
He said that the government is negotiating a 17 per cent interest with a seven years repayment plan.
Abubakar said that the bond would be released in two trenches over the period of two years saying N12.5 billion would be released in the first trench while N9 billion would be released for the second trench.
According to him, the six projects to be carried out include, Minna Township roads, construction and rehabilitation of General Hospital,
Kontagora, construction of Mariga ultra-modern market, Kontagora water supply, Suleja trailer park and development of Mining city.

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