Sukuk Fund Yields Expected Results in Yobe -Works Controller
Mr Olusegun Akinmade, the Federal Controller of Works in Yobe State says the injection of Sukuk fund into the Federal Government ongoing road project in the state is yielding expected results.
Akinmade said this on Sunday in Potiskum during an inspection of the ongoing federal government road projects in the Northeast.
Sukuk are Islamic bonds, structured to generate returns to investors without infringing Islamic law that prohibits interest on loans.
The tour was led by Mr Mohammed Rufai, the North-East Zonal Director of Highways, Federal Ministry of Power, Works and Housing.
The News Agency of Nigeria (NAN) recalls that the Federal Government in October 2017, released N100 billion to contractors for construction and rehabilitation of 25 road projects across the country.
Akinmade said N4 billion was allocated to section four of the ongoing Kano-Maiduguri dualisation project.
The controller said the section covers Potiskum to Damaturu while the entire project run through five states; Kano, Jigawa, Bauchi, Yobe and Borno states.
“The injection of the N4 billion Sukuk fund allocated to Potiskum-Damaturu section of the dualisation project performed critical wonders.
“With the N4 billion, the contractor was able to construct additional 20.5 kilometres of single lane carriage way from start to finish.
“We hope and solicit that the tempo be maintained because the contractor has virtually finished his own allocation of the Sukuk,” he said.
Akinmade said the project was delayed because of funding and the security challenges in the Northeast, adding that the situation had improved and would enhance the completion of the project.
The controller said the contract has reach 62.5 per cent completion, pointing out that it would be completed on schedule with sustained funding.
According to him, the project has created over 400 direct and indirect employments for youths along its corridor. (NAN)