The Oyo State Government has approved N100bn private bond named the Oyo Prosperity Bond to expedite the execution of priority projects to drive the state’s economic development.
The Commissioner for Information, Culture and Tourism, Dr Wasiu Olatubosun, disclosed this in Ibadan after the weekly State Executive Council meeting.
The SEC meeting was held virtually in compliance with the COVID-19 protocols.
According to Olatubosun, the fund would be raised in two tranches of N50bn each for the construction of the 50-kilometre Iseyin-Ogbomoso Road, the Ibadan Circular Ring-Road and the upgrade of the Ibadan Airport.
The fund will also cover the development of Ibadan Dry Port and the rail corridor which would serve as economic hubs of the state.
The commissioner further stated that the state would upgrade one government hospital in each of the three senatorial districts of the state.
He added that the 21-kilometre Airport-Ajia-New Ife Express Road, with a spur to Amuloko in Ibadan, would benefit from the alternative project funding approach of the state government.
He said, “Considering the infrastructural needs of Oyo State to enhance its economic potential, the state government has approved the issuance of private bond tagged Oyo Prosperity Bond to facilitate the execution of priority projects with a view to raising N100bn, which is to be raised in two tranches of N50bn each.
“The state government has approved Oyo State Prosperity Bond to allow for quick completion of these iconic priority projects.”