Nigerian Government Approves NGN 3 Billion Sukuk Fund for Numan-Jalingo Road Rehabilitation Project

The Federal Government of Nigeria has approved an NGN 3 billion (USD 7.1 million) Sukuk fund in 2022 to finance the Numan-Jalingo Road rehabilitation project in the states of Adamawa and Taraba, as announced by Mu'azu Sambo, Minister of State for Works and Housing on the 7th of May 2022 during an inspection of federal road projects within the two states.

Why it Matters?

As a part of the Maiduguri-Calabar Highway, the Numan-Jalingo road runs for 103 kilometres and acts as Nigeria’s North-eastern axis’ sole connection between the North and South. The road section remains unmotorable and the delay in the project’s progress has been attributed to insufficient funding, lack of construction materials, inflation, and the negative impact of...