The Niger State House of Assembly has approved a request by Governor Umaru Bago to raise a N70 billion bond aimed at financing key infrastructure and development projects across the state.
The decision, reached during a plenary session on Tuesday, follows a formal request by the executive arm seeking legislative approval to access the capital market. The governor’s proposal includes strategic investments in roads, healthcare, education, and agriculture, which officials say are crucial to the administration’s long-term development blueprint.
Speaker of the House, Abdulmalik Sarkindaji, described the bond approval as a “bold step toward sustainable economic growth,” emphasizing the need to close infrastructure gaps in the state. He assured constituents that the assembly will exercise strict oversight to ensure transparent use of the funds.
The bond issuance will be conducted in tranches, with the state government expected to collaborate with financial advisers and regulatory authorities to manage the process.
While some lawmakers expressed concerns about the state’s rising debt profile, the majority agreed that the potential economic benefits outweighed the risks, particularly if the funds are effectively deployed.
This marks one of the largest bond approvals in Niger State’s history and reflects the governor’s ambitious vision to reposition the state as a hub for investment and development in northern Nigeria.
source: allafrica.com
