Nigeria’s Katsina State Government to Secure NGN 55 Billion Sukuk from Islamic Development Bank

Nigeria’s Kastina State Government has announced on the 23rd of December 2020 that it is set to secure an NGD 55 billion Sukuk from the Islamic Development Bank with a seven-year maturity period for infrastructure developments, as reported by local media.

The announcement was made by Alhaji Kasim Mutallab, the Commissioner for Finance in Katsina State, who was addressing media on the outcome of the State Executive Council meeting. According to Mutallab, Katsina State would be looking to undertake a seven-year bond with the Islamic Development Bank, which would follow Islamic principles.

Mutallab noted that the Sukuk will be used to bridge the infrastructural gap in key sectors of the Katsina State economy, including health, education, and roads.

The C...