By Gift ChapiOdekina, Abuja

The House of Representatives has resolved to investigate the N1.24tn Sukuk-backed road projects financed over the past seven years (2017-2024).

This resolution followed the adoption of a motion of urgent public importance sponsored by Rep. Jonathan Gbefwi during plenary in Abuja.

Since 2017, the Federal Government, through the Debt Management Office (DMO), has raised over N1.1tn via six Sovereign Sukuk issuances to finance 124 federal road projects spanning 5,820 kilometers across Nigeria’s six geopolitical zones.

Recent data from the Securities and Exchange Commission (SEC), as of December 2024, put the total Sukuk funds at approximately $657.6 million at current exchange rates.

Breakdown of Sukuk Funds Raised:

2017: N100bn

2018: N100bn

2020: N162.56bn

2021: N250bn

2022: N130bn

2023: N350bn

October 2023 (Additional): N150bn

Total (2017-2024): N1.24tn (Pending official confirmation from the DMO)

Rep. Jonathan Gbefwi raised concerns that despite significant investment, Nigeria’s road infrastructure remains in a deplorable state. He cited a January 2024 report by S&P Global Ratings, which noted that over 70% of Nigeria’s 200,000km road network remains unpaved.

According to Gbefwi, the House is worried that without proper accountability, the Sukuk program risks becoming a conduit for mismanagement or corruption.

After overwhelming support from lawmakers, the House: Mandated the Committee on Works to: Conduct a forensic probe into the allocation, expenditure, and outcomes of the N1.24tn Sukuk funds (2017-2024). Identify instances of fund diversion, cost inflation, or contractor noncompliance.

Directed the Ministry of Works to provide the Committee with: Detailed real-time records of all Sukuk-funded projects, including financial disbursements, project statuses, and contractor performance.

Ordered the Committee on Works to submit a comprehensive report within six weeks, detailing:

Findings, issues, and proposed remedial measures to address concerns about Sukuk funding.

Mandated the Clerk of the House to: Publish the resolution in the Journal of the National Assembly and the Federal Government Gazette, in line with Sections 88 and 89 of the 1999 Constitution (as amended).

This investigation aims to ensure transparency and accountability in the allocation and execution of Nigeria’s Sukuk-financed road projects.