Niger State Looks to Borrow up to NGN25bn to Capital Markets

Niger State Governor Alhaji Abubakar Bello has written to the House of Assembly to request legislative approval to issue up to NGN25bn (approx. USD69mn) in sukuk.

Niger State is the largest state in Nigeria

Jan 21, 2020 // 3:30AM

The request as made Friday last week, and if approved by the legislative branch will see the State issue sukuk in NGN10bn and NGN15bn tranches.

Proceeds from the issuance would go towards upgrading “some essential roads as wellness improves health,” Niger State Governor Alhaji Abubakar Sani Bello said in a letter to the House requesting approval for the funding.

Governor Bello had made a similar request last year, but the request was denied due to concerns over prohibitively high interest rates.

Niger State is the largest state in Nigeria.

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