The Niger State House of Assembly has approved a N70 billion bond request by Governor Umaru Bago to finance infrastructure projects in the state.
The bond was approved during the plenary session in Minna on Tuesday following its review by the House Committee on Finance, which presented its report to the parliament.
Chairman of the committee, Aliyu Wushishi, said the bond request was part of a planned N100 billion private bond issuance for 10 years.
The parliament unanimously adopted the committee recommendation and approved the request of its report.
The speaker of the parliament, Abdulmalik Sarkin-Daji, directed the clerk of the house to transmit the formal approval to the executive.
On May 15, during its plenary session presided over by Deputy Speaker Afiniki Dauda, the house read the executive correspondence announcing Mr Bago’s desire to seek the bond.
The correspondence revealed that the State Executive Council, at its 55th sitting on April 22, approved the issuance of the N70 billion out of the N100 billion Niger State 2025 bond raise programme.
In the letter to the house, the governor disclosed that the bond issue aimed to finance critical projects in healthcare, education, infrastructure, water supply, and inter- and intra-state connectivity.
