Lawmakers Launch Inquiry into Sukuk Funds Utilization

The House of Representatives has initiated an investigation into the management of N1.24 trillion raised through Sukuk-backed road projects over seven years, from 2017 to 2024. The motion was presented during a plenary session by lawmaker Jonathan Gbefwi.

Since 2017, the Federal Government has issued funds through six Sukuk investments to finance 124 road projects across Nigeria’s six geopolitical zones. Despite these investments, concerns remain about the poor condition of road infrastructure nationwide, with over 70% of Nigeria’s 200,000km road network still unpaved.

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The investigation will assess whether the funds were utilized effectively and investigate possible instances of corruption or contractor noncompliance. The findings, expected within six weeks, aim to ensure accountability and improve the program’s impact on infrastructure development.