Kogi State Government has said that, it would issue the second tranche of another N5 billion of the N20 billion bond to be raised in the Nigerian capital market by the state for infrastructural development by June 2014. The state government also said that N5 billion first tranche bond raised from the market had been completed and it was successful
The Executive Governor of Kogi State, Capt. Idris Wada, who disclosed this in Lagos while addressing stockbrokers
on the Nigerian Stock Exchange (NSE) said that the first tranche of the bond was oversubscribed. He stated that, the funds had been disbursed to the various sectors for project execution.
Wada, said that the bond had given the state an opportunity for infrastructural transformation, adding that the state had started construction of a dualised by-pass, a multi link highway, which would give the state capital a good structural transformation.
He pointed out that the state had launched a 500 housing units and land to accommodate the citizens and others in the private sector.
The governor however explained that the state would perform a ground breaking ceremony for the construction of 11 storey building in Abuja in the next two weeks.
He pointed out that these projects would boost its internal generated revenue (IGR) , stressing that the state has commenced work on seven out of the 11 projects the bond was earmarked for.
“We are blocking several leakages. Kogi is a strategic state location with natural resources to leverage on our human capital and natural resources has been difficult for us in our 23 years of history. When I assumed office, I found out that there is a fallen gap between our fund and what we needed to do to transform the state.
“These projects would boost the IGR of the state. We are building 11 storey property in a prime area of Abuja and is expected to generate income for the state. We have more than doubled the IGR and the state would experience major transformation in the next two years.”
