Ogun State Mulls Bonds to Finance Infrastructure

• Ogun State Mulls Bonds to Finance Infrastructure

Ogun State Government has indicated that it would be approaching the capital market to raise funds to support the infrastructural development of the state.

Ogun State Governor, Senator Ibikunle Amosun, who led a delegation from the state to the Nigerian Stock Exchange (NSE) yesterday, said the improved financial position of the state and key policies implemented by his government has put the state in a better position to access funds from the capital market.

He said the planned capital raising would enable the government to extend its infrastructure development to many other areas of the state.

Amosun, who was given the privilege of beating the closing gong for the market, said the initial reluctance of the state to raise bonds was due to the low internally generated revenue at the inception of his administration adding that the internally generally revenue has increased significantly to between N6 billion and N7 billion.

“It is now I know the state can fulfill the obligation of raising bond. We need long term funds to develop infrastructure and we know you are the one to help us, I know when we come, you will help us,” Amosun said.

He said the state government has requested the Federal Government to cede some Federal Government’s roads in Ogun State to the state government to rehabilitate such roads and further enhance the economic activities in the state.

Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, said the Exchange is looking forward to collaborating with the state on many fronts.