The House of Representatives has resolved to investigate the allocation and utilization of approximately N1.24 trillion raised through Sukuk bonds for federal road projects between 2017 and 2024.
The decision was made during plenary on Wednesday, following a motion of urgent public importance sponsored by Nasarawa lawmaker, Jonathan Gbefwi.
Since 2017, the Federal Government, through the Debt Management Office (DMO), has raised over N1.1 trillion across six Sukuk issuances to finance 124 federal road projects spanning 5,820km across Nigeria’s six geopolitical zones. Reports suggest an additional N150 billion was issued in October 2023, pushing the total to N1.24 trillion.
Gbefwi, while presenting his motion, expressed concerns over the state of Nigeria’s road infrastructure, despite the substantial investments made under the Sukuk initiative.
“Nigeria’s road infrastructure remains in a deplorable state, with over 70% of the country’s 200,000km road network still unpaved,” he stated, citing a report by S&P Global Ratings in January 2024.
He warned that without proper oversight, the Sukuk programme could become a conduit for corruption and mismanagement.
In response, the House overwhelmingly supported the motion and directed its Committee on Works to:
Conduct a forensic investigation into the allocation, expenditure, and impact of the N1.24 trillion Sukuk funds.
Identify instances of financial mismanagement, including fund diversion, inflated contracts, and contractor non-compliance.
Mandate the Ministry of Works to provide real-time project records, including financial disbursements, project statuses, and contractor performance, with updates every quarter.
The Committee on Works is expected to submit a comprehensive report within six weeks, detailing its findings and proposing remedial measures.
Furthermore, the House directed its Clerk to publish the resolution in the National Assembly Journal and the Federal Government Gazette, in line with Sections 88 and 89 of the 1999 Constitution (as amended).
This probe aims to ensure transparency and accountability in the implementation of Sukuk-funded road projects across Nigeria.
