THE Federal Government is making plans to raise N100 billion from Sukuk fund to finance some road project, Minister of Power, Works and Housing Babatunde Fashola said yesterday.
He said 25 road projects across the six geopolitical zones would be executed with the fund.
According to Fashola, “this is the first ever Sukuk that the Federal Government is issuing, so all we are targeting to raise is N100 billion.”
He said the targeted fund would not cover all the roads in the country but noted the 25 roads to be executed with the fund were integral parts of A1 to A4 projects.
“A1 is the Lagos to Sokoto highway, A2 is Warri to Katsina, A3 is Port Harcourt to Portiskum in Yobe and A4 is Calabar to Maiduguri.
The minister called on importers to utilise Warri and Calabar sea ports to decongest the current traffic challenge in Lagos.
Fashola told reporters in Abuja that the traffic challenge in Lagos can be blamed on the ongoing rehabilitation work on the Apapa-Wharf road.