The Minister of Power, Works and Housing, Mr. Babatunde Raji Fashola yesterday, at an interactive session held at the Island City Hall, Lagos State, disclosed the reasons behind collecting the N100 billion Sukuk Infrastructural bond, which was described as a ploy to Islamise Nigeria amidst other issues.
The minister explained that borrowing from the Islamic body was the best option at hand in achieving the present pressing infrastructural needs of the country.
He explained: “The money allocated for infrastructure in the budgeting was insufficient as against our needs. We got aware about Sukuk, and we realise it was the best option we could borrow from. We were between the option of borrowing and doing infrastructure, and waiting for some more years to make the money needed before doing it. But I can assure you, that the prices for commodities we needed would have inflated by tomorrow.
“So it was either we borrow and do it now, or wait and do it tomorrow at an inflated price. And we took the best option, and we are currently spending the money across all six geopolitical zones. There are infrastructural developments currently on going in all states. Some states already have completed projects.
There is no state in this country where our ministry is not constructing one road or the other. Like I do say whenever I answer this questions, for those that started the propaganda that we were trying to Islamise the country, when we spend the money in your states to develop it, please reject it because it is Islamic money”
Fashola said it didn’t matter who had come into power or remained in power, asserting that “Nigeria would have still gone into recession because it was a global issue. But thank God we have been able to manage it and the situation is getting better.”