Ekiti Govt Pledges Transparency In Utilising N20bn Bond Proceeds

Governor Kayode Fayemi of Ekiti State has pledged to use proceeds from its N20 billion bond judiciously.

Fayemi made the pledge in Lagos at the listing of the state’s N20 billion Fixed Rate Infrastructural Development Fund 2018 on the Nigerian Stock Exchange (NSE).

“The bond proceeds shall be judiciously utilized to ensure the completion of all projects earmarked for funding,” he said.

The governor said that he had directed that progress reports should be rendered to the Security and Exchange Commission (SEC) on quarterly basis as a measure of accountability and transparency.

“I have directed close monitoring and effective supervision by all stakeholders to ensure qualitative performance and timely delivery,” Fameyi said.

He said that the low revenue accruable to the state would not allow it to meet its dream of “high level socio-economic development.”

Fayemi said the state government needed to access funds from other sources outside the routine sources to enhance infrastructural development.

The governor said that the development of infrastructure was a major component of his eight-point agenda.

He said that 11 road projects had been awarded and would be completed with the proceeds from the bond.

Fayemi said that some of the projects to be funded from the bond would include the Ikogosi Warm Spring development and construction of an ultra modern civic centre in Ado Ekiti.

Others will include construction of Lagos Liaison Office, construction of new governor’s house, rehabilitation and expansion of Ado Waterworks and establishment of Ekiti State School of Agriculture, among others.