Osun To Float N60bn Bond For Capital Projects

The Osun Government says it is planning to access the N60 billion bond loan for the execution of some capital projects across the state.

The Commissioner for Information and Strategy, Mr Sunday Akere, disclosed this to Journalists in Osogbo on Sunday. Akere said the executive would soon forward a bill to be known as Bond and Fiscal Responsibility Bill in that respect to the state legislature for consideration and approval.

He explained that the bill, when approved and signed into law, would authorise the state government to raise the long term loan at cheap and fixed interest rates throughout the period of the loan. “The loan, which will be collected in two tranches of N30 billion each, will attract interest rate of between 14 and 14.5% payable in seven years.”

Akere said the need for the loan became imperative because the State Executive Council (SEC) had noted that the state government was in “dire need of funds to execute some projects”.

He, however, expressed optimism that the facility would ensure successful execution of capital projects for the development of the state in consonance with the Six-Point Integral Action Plan of the state government.