Ogun State plans to raise infrastructure bonds


Governor of Ogun State, Senator Ibikunle Amosun in 1 year 5 months to the end of his 8 years in office is planning to raise infrastructural bonds for the state.
Amosun who sounded the closing gong of the Nigerian Stock Exchange (NSE) in Lagos on Thursday revealed that the state is planning to raise infrastructure bond to enable it extend infrastructure development to many areas of the state.
He disclosed this when he led a team of state officials on a visit to the management of the exchange.
According to him, “most people will be worried that the state is coming at the twilight of his regime to raise bond but stressed that the economy of the state was not buoyant when he came on-board and that the state may not be able to fulfill any debt obligation like that of bond raising with a very weak economy.
Very soon, Ogun State is going to come and when we do come, I hope I hope you will receive us. When I came on board, the state internally generated revenue was N700,000 but I can say that we are doing between N6 billion and N7 billion now. It is now I know the state can fulfill the obligation of raising bond.”
Addressing stockbrokers, Amosun said, “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. Despite the economic challenges, the exchange has its head up. I am confident that 2018 will be a better year. Thank you for helping our country and our state.”
While welcoming the governor, Oscar Onyema, NSE Chief Executive Officer, said the Exchange is looking forward to collaborating with the state across multiple platforms.
In his remark, the doyen of Stockbrokers, Alhaji Rasheed Yussuff urged the governor to develop Ogun State satellite cities close to Lagos.
The doyen appealed to the governor to take advantage of the stock market in developing Ogun State, saying infrastructural in settlements that are neighbor to Lagos State needs government attention, “infrastructural development in those areas are crying”.
Come with your plan for infrastructural bonds and we shall say yes to your plan, he said.