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Nigeria commits to 2016 maiden Sukuk issuance as economic pressures escalate on the back of plunging oil prices

Reports say the Federal Government may be considering issuing an Islamic bond also known as Sukuk Bond to fund the widening budget deficit, As pressure mounts on federal revenue following steady decline in oil revenue.This comes as the Debt Management Office (DMO) and the Securities and Exchange Commission (SEC) have committed to strengthening collaboration towards issuing Nigeria’s first sovereign sukuk.Details of the expected revenue from the bond is not yet disclosed but officials said they expect significant bridging of the 2016 budget deficit which has exceeded the initial N2.2 trillion estimate.

According to DMO “issuing a sovereign Sukuk will attract significant amounts of affordable capital from the Gulf countries and other established Islamic markets around the world into Nigeria. Sukuk is a financial certificate, similar to the traditional government bond, but complies with Sharia, Islamic religious law.

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