Kogi Bond To Boost Infrastructure – Wada

Governor  Idris Wada of
Kogi  State said that his government had effectively used the five billion naira proceeds of bond it raised from the Nigerian capital market.
The five billion naira was the first tranche of the N20 billion infrastructure development bond earlier approved for the state government.
The development bond is to be raised in four tranches.
Wada gave account of the usage of the first tranche  during a courtesy visit to the Nigerian Stock Exchange (NSE) in Lagos.
The state governor said that the first tranche of the bond was oversubscribed, adding that the funds had been disbursed to the various sectors for project execution.
He said that the bond had given the state opportunity for infrastructure transformation and enhanced its internally generated revenue.
Wada said that the state had embarked on numerous transformation activities due to the rate at which the bond was subscribed.
He said the challenge of the state in its 23-year existence was how to develop its human capital and natural resources.
“When I assumed office, I found out that there was a fall in the gap between our fund and what we needed to do to transform the state,” Wada said.
According to him, the state has commenced work on seven out of the 11 projects the bond was earmarked for.
He said that the ongoing construction of  roads  would give the state capital a structural transformation.
The governor also added that the state had launched a 500 housing units and lands to accommodate the citizens and others in the private sector.
Wada said that the second tranche of five billion naira would be issued in June 2014.