Ogun to float bond in capital market to fund more infrastructural projects

Ogun to float bond in capital market to fund more infrastructural projects

Ogun State government is to float a bond in the capital market to finance more infrastructural projects in the state.

Governor Ibikunle Amosun accompanied by top officials of his administration on Thursday visited the Nigerian Stock Exchange in Lagos to initiate the process for the proposed bond.

Addressing stock-brokers on the floor of the exchange, the governor explained that his administration had stayed away from the capital market on assumption of office in may 2015 because of the low level of the internal revenue generation (IGR) inherited from the Daniel administration.

Amosun, however, said with the increase of the monthly IGR from N50,000 he inherited to between N6 billion to N7 billion emboldened his administration to approach the exchange to raise long term fund to implement more infrastructural projects.

Chief Executive of the Exchange, Oscar Onyema, welcomed the governor to the capital market saying the exchange is ready to collaborate with the Ogun State government.

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