FG to use infrastructure bond instruments to fund road projects

NAN-H-116
Road
By Monday Ijeh
Abuja, Feb. 28, 2018 (NAN) The Federal Government has concluded plans to use infrastructure Bond Instruments to complement its efforts in the funding of critical road projects in the country.

Mr Babatunde Fashola, the Minister of Power, Works and Housing made this known on Wednesday in Abuja when he received a delegation from Institutional Investors.

According to a statement signed by Mr Olusegun Ogunkayode, a Principal Information Officer in the ministry, the delegation was led by Dr Damola Sogunle, the Managing Director of Stanbic IBTC.

Fashola said the use of Infrastructure Bond Instruments to complement government efforts was to fast track the execution of road projects across the country.

He said the use of Tax Relief and Islamic banking “Sukuk” was not enough to provide the needed critical infrastructure in Nigeria.

The minister called for the reorganisation of the housing sector in the country and urged financial institutions to be the vanguard of the reorganisation.

He said Nigeria would borrow a leaf from countries like the United Kingdom that have successfully utilised similar investment practice.

Fashola said the Pilot phase of the National Housing Programme of the present administration had commenced in 33 states of the federation. (NAN)
IMC/AFA
Edited by Felix Ajide