Economy

Oyo Government to Issue 100 Billion Naira Prosperity Bond

The Oyo State Executive Council has approved the issuance of a 100 billion naira private bond tagged “Oyo Prosperity Bond” to facilitate the execution of priority projects that would further drive economic development in the state.

Oyo State Commissioner for Information, Culture and Tourism, Dr Wasiu Olatubosun disclosed this after the state’s weekly Executive Council’s virtual meeting. 

Dr Olatubosun explained that the fund would be raised in two tranches of 50 billion naira each for the construction of the 50 kilometre Iseyin-Ogbomoso road, the Ibadan Circular Ring-Road and Ibadan Airport upgrade. 

The fund would also covered the development of Ibadan Dry Port and rail corridor which would serve as economic hubs of the state.

The commissioner stated further that the state would construct and upgrade, with modern equipment, 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 also benefit from the alternative project funding approach of the state government.

According to the commissioner, the project funding would be in form of Alternative Project Funding Approach (APFA), which allows for Public-Private Partnership for funding of infrastructural projects in the State. 

Meanwhile, the Oyo State Executive Council has also approved the establishment of the Oyo State Development Agency for Socio-Economic Advancement (OYODASA) to give room for the residents of the state to have a better understanding of government’s goals and help establish a shared vision between communities within the state and the state administration.

Iyabo Adebisi

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