Last month, there was a public outcry over the decision of the Federal Government to offer it’s first Sukuk bonds as a means of raising funds for capital infrastructure. There was a large number of Nigerians who were simply confused as to why there was any need to “borrow Islamic funds” for national projects.
[In case you missed it: Here’s a simple was to understand what Sukuk bonds are and how they work]
But it was the Christian Association of Nigeria that re(eee)ally took the piss. Reverend Musa Asake was all out screaming murder and warning anyone who cared to listen about how this was just another attempt by the Buhari-led administration to Islamise Nigeria (whatever that means).
[Read also: Christianise Nigeria with interest-free banks too – Falana]
It’s been a about a month since the deadline for the public subscription to the 100 billion naira Sukuk bond closed and was oversubscribed by 6 percent making a total of N105.87 billion as opposed to the original N100 billion offered. So thanks CAN, Nigerians can handle it.
In fact, the Federal Government has promptly released the proceeds of the Sukuk for immediate financing of the road projects in the 6 geo-political zones. Minister of finance, Kemi Adeosun, handed over the proceed cheque to the Minister of Power, Works and Housing, Babatunde Fashola, in Abuja on Thursday, explaining that each geopolitical zone will receive 16.67 billion naira for complete the earmarked projects in that zone.
“The proceeds will be used to support government capital spending for 2017 – the construction and rehabilitation of 25 key economic roads across the six geo-political zones of the country. The roads will ease commuting, spur economic activities across the country and further close our infrastructural gap.”
But the popular commentator, Kayode Ogundamisi had to help put the twist on this development that would have been too petty for a Minister to indulge in. He delivered a most sarcastic tweet about the exposure of President Buhari’s “ISLAMISATION” plan that he concocted with the Minister of Power, Works and Housing using an even more detailed plan for the disbursement of the funds.
Have a look:
.@MBuhari ISLAMISATION exposed. Connives with @tundefashola to use SUKUK Islamic loan to fix roads in South East Nigeria & other geo zones?? pic.twitter.com/PoQ9uDzljA
— Kayode Ogundamisi (@ogundamisi) October 5, 2017
We hope the Federal Government does all it can to avoid letting this slip through their winning fingers.
Creative mind. Enthusiast. Learner. Multipotentialite. And here, an assistant editor.
Leave a reply