Minna, Nigeria
Umar Bago, Governor of Niger State has secured the approval of the Niger State House of Assembly for a ₦70 billion bond to finance infrastructure projects in the state.
NAN reports that the bond was approved on Tuesday during its plenary session in Minna.
The approval followed the review of the committee on finance, which presented its report to the House.
Aliyu Wushishi, who led the committee, said the bond request was part of a planned ₦100 billion private bond issuance for 10 years accessed by the state government.
The assembly, led by its Speaker, Abdulmalik Sarkin-Daji, unanimously adopted the committee recommendation and approved the request.
Sarkin-Daji directed the Clerk of the House to transmit the formal approval to the executive.
On May 15, the House received a letter from the office of the governor seeking approval to seek the bond.
In the letter, the executive said that the request was approved by the state executive council, at its 55th sitting on April 22 to seek the issuance of N70 billion out of the N100 billion Niger State 2025 bond raise programme.
In the letter to the House, the governor stated that the bond issuance was intended to fund key projects in healthcare, education, infrastructure, water supply, and both inter- and intra-state connectivity.
