Home Breaking News Oyo State House of Assembly approves N100 billion prosperity bond.

Oyo State House of Assembly approves N100 billion prosperity bond.

by Jibson
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According to report reaching oyogist.com, the Oyo State House of Assembly has approved Oyo N100 billion prosperity bond, describing it as an alternative approach of the present administration to finance infrastructural and developmental projects.

Giving the report of the committee on Public Accounts, Finance and Appropriation on the bond during the house’s Thursday plenary, the Committee Chairman, Hon. Akeem Mustapha noted that the bond was intended by government to finance priority projects in the State for rapid socio-economic development of the State.

Mustapha said, “the bond is to be raised by the Private Company only that the Government gives support to the investors that are to be involved in the Bond issuance.

“During our workshop, there was a consensus opinion that there was nothing wrong in borrowing or bond issuance but what is important is the judicious utilization of the Bonds for the intended purpose. They are projects that have revenue potentials and capable of generating employment opportunities.

“The process towards the actualization of the proposed N100billion Bond commences November/December, 2020 as the target issuance date. Hence, all the five identified projects will be captured in the 2021 budget of the State.”

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