Nasarawa State is considering raising new capital from the capital market through the issuance of a bond.
Nasarawa State Governor Abdullahi Sule said the state government was considering issuance of a new bond after it had repaid its previous bond issue.
He said the net proceeds of the bond issue would be used to finance infrastructural development to further enhance the growth of the state.
“Yes, we are looking at that, since the last bond has been fully paid off. We are trying now to find the possibility of taking a new facility on infrastructural development, like market development, transportation, among others,” Sule said.
He noted that Nasarawa State is one of the least-indebted states in Nigeria, noting that though the past government floated a bond issue, it had paid off the bond before the coming of the new government.
“We are very lucky. The past administration took one major debt through a bond and before we came in they paid off. But they had inherited debts like contractors’ fees and some other debts from banks. But we didn’t have a major overdraft from any banks. Since we came in, servicing of debts have been the least of our concerns,” Sule said.
He outlined that the government is focused on long-term economic development of the state noting that he has set up a 15-man ‘Investment and Economic Advisory Council’, to chart the way forward for the economic development of the state.
He added that the government is working to develop small and medium enterprises (SMEs), especially in the areas of agriculture, mining and trading.
According to him, there is an arrangement for the Central Bank of Nigeria (CBN) to offer about N1.2 billion to Nasarawa farmers, which will be used to empower the youths in growing small scale businesses.
He assured investors that Nasarawa is a peaceful state where all stakeholders are focused on the progress of the state.