The Ekiti bond was the second tranche under its N25 billion bond issuance programme while the Nasarawa bond is the first tranche under its N20billion Medium Term note programme. Listing of the two bonds would enable investors to trade the securities.
Ekiti State raised the N5 billion from the capital market to finance five major projects under as the government seeks to complete major developmental projects that would impact on the socio-economic and urban-rural integration.
The net proceeds of the N5 billion bond issue, estimated at N4.80 billion, will be used to complete five major including the construction of the multi-purpose 10,000-capacity Ekiti-Kete pavilion, rehabilitation of
Governor of Ekiti State, Dr.
According to him, the state had committed the proceeds of its first tranche to several laudable projects that continue to bear testimonies to efficient use of funds including the Ikogosi Warm Spring, school of agriculture and roads across the state. He pointed out that all the new projects identified under the new bond issue would have immense positive impact on the development of the state.
He noted that while his administration was desirous of fast-tracking the pace of development through additional funds from the capital market, it is committed to efficient debt management as N9.6 billion has already been paid out of the initial N20 billion issue.
"We believe that we owe a duty to the generation coming to really put these infrastructures in place," Fayemi said.
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