The Debt Management Office says N350 billion from the recent N150 billion FGN Sukuk bonds will be used to finance roads, bridge construction and rehabilitation nationwide.
The DMO revealed that the N150 billion received a total subscription of N652.82 billion, which is 435 per cent oversubscription.
DMO disclosed this in a statement on Friday.
The agency stated that N350 of the surplus will be allocated to investors who subscribed to the offer.
“In response to this strong demand for the Sukuk, the Debt Management Office has allocated N350 billion to the diverse investors who subscribed to the Sovereign Sukuk.
“The N350 billion will finance the construction and rehabilitation of roads and bridges across the six geopolitical zones and the Federal Capital Territory (FCT).
DAILY POST recalls that DMO, a week ago, announced N150 billion FG sukuk bonds at 15.75 per cent interest rate per annum.
Accordingly, the bonds come with a ten-year tenure and are subscribed with a minimum of N1,000 per unit.
