Abuja, May 13, 2025 – The Debt Management Office (DMO) has opened subscriptions for N300 billion Series V11 Ijarah Sukuk to fund critical road projects across the country.
The bond has a seven-year tenor and annual rental rate (interest) of 19.75 per cent.
The offer, which opened on Monday, is to bring total subscriptions so far to about N1.09 trillion.
Patience Oniha, the Director-General of the DMO, disclosed this in Abuja at an investors’ form.
She recalled the entry of Sukuk into Nigeria’s financial sector in 2017 and its positive impact on road infrastructure nationwide.
Oniha said over 4,000 kilometres of roads had been financed through Sukuk in the country.
She described the new N300 billion Series VII Sukuk as the seventh in the series of Sukuk issuance and the highest since the Islamic investment instrument made its debut in Nigeria.
The DMO boss expressed optimism about the success of the N300 billion Sukuk following the success trajectory of the previous ones,
“There’s something for everyone. Whether you are a large institutional investor or a salary earner, there’s an appropriate investment product available. And this variety also means the government is not dependent on one single funding source.” she said.
Oniha described government’s bond market as very active, with a range of instruments like Treasury bills, Federal Government Bonds, Savings Bonds, and Sukuk issued regularly.
She said the country’s public stock stood at N144.67 trillion as of December 2023, almost evenly split between external and domestic components.
Oniha said identified the devaluation of the naira as the major factor fot the growth of the debt stock
“The external debt has remained around $42.5 billion, only rising slightly after a $2.2 billion Eurobond in December. But due to the weaker Naira, the debt stock in local terms appears higher,” Oniha said.
