Ogoni Youth Federation Condemns Sharing Formula of SUKUK Bond

…Works Ministry Takes Over East-West Rd, Receives N10.4b

THE Ogoni Youth Federation (OYF) has condemned the sharing formula of the N250 Billion of the Sovereign Sukuk Bond to benefiting federal ministries. In a presentation ceremony held at the Auditorium of the Ministry of Finance, Budget and National Planning on 3rd February, 2022, the Ministry of Works and Housing received a cheque of N210, 565,000.00 Billion whilst Ministry of Federal Capital Territory and Ministry of Niger Affairs received cheques of N29,000,000,000.00 Billion and N10,435,000,000.00 Billion respectively. The Sovereign Sukuk Bond is a debt raised by the Federal Government for development of road infrastructure across the country.

Speaking through his permanent Secretary, the Minister of Niger Delta, Senator Godswill Akpabio said he demanded for N35billion from the Sukuk Bond to finance section lll (Ogoni section of the east west road) but got less. In line with the presidential directive for the transfer of the road from the Ministry of Niger Delta Affairs, Senator Akpabio handed over the cheque of the Ministry of Niger Delta Affairs to the Minister of Works and Housing, Raji Babatunde Fashola.

The President-General of Ogoni Youth Federation, Comrade Legborsi Yamaabana who was at the event queried why a paltry sum of N10billion was given to the MNDA for the east west road project, where the wealth of the nation comes from while other beneficiaries received sums of higher value. He noted that the Sukuk Bond would be repaid by money gotten from the Niger Delta, so the Niger Delta region should have been given more attention in the sharing formula.

Recall that Ogoni Youth Federation alongside other groups gave the Federal Government till march 1, 2022 to transfer the east west road from the Niger Delta Ministry as well as to commence work on the road vide notice of protest sent to the Inspector General of Police on 17th January, 2022. With today’s event, the Federal Government has partly listened to the demands of Ogoni youths.

Consequently, the Ogoni Youth boss urged the Minister of Works and Housing to immediately mobilize contractors handling the Ogoni section of the east west road to site with a view to completing and delivering the road project within the lifespan of the current administration as promised by the President of the Federal Republic of Nigeria.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button