Nigeria to release 100 bln naira Sukuk proceeds for capital projects next week

Nigeria's Finance Minister, Kemi Adeosun, said the proceeds of the 100 billion naira Sukuk bond recently raised by the government will be released for capital projects this week as the government plans to roll over about 60 percent of this year's budget to next year.
The government had released 335 billion naira for capital projects a few weeks ago to fast-track infrastructural development in Africa's top economy.
“We concluded our Sukuk last week, the money will be pushed out this week. As money comes in, we push it out,” Adeosun said
Nigeria sold over 100 billion naira in a debut Islamic bond Sukuk last week ago in a bid to plug the gap in this year's budget.
Meanwhile, the West African country said it has earned a total of 2.305 trillion naira of revenue in half a year, almost its budgeted amount for the period, its head of budget said on Tuesday.
The amount collected was 91 percent of the budgetary provision for the half year, Ben Akabueze, director of the budget office, told a briefing of lawmakers. Total revenue was projected at 5.084 trillion naira for 2017, he said.
Right now, we are producing about 2 million barrels per day ,but we have the capacity to produce 2.2 million barrels per day though we are not there yet," Budget Minister Udoma Udo Udoma, told lawmakers at the same briefing.
Udoma did not say whether the figure included condensates.
Government revenues are better placed than last year, Udoma said, but he noted that the country needs to borrow more. The government has been borrowing this year to fund its budget and has a series of debt issues lined up.
The West African country plans to issue at least a $2.5 billion Eurobond this year and is still in talks with the World Bank for concessionary loans, the debt office has said.