STATES AND LOCAL GOVERNMENT BONDS ISSUED (1978 TO DATE)

STATE AND LOCAL GOVERNMENT BONDS  ISSUED FROM 1978 TO 2013

N/A = Not Available

Source: Compiled from SEC Annual Report and Accounts and other SEC internal records.

S/N

STATE/LOCAL GOVERNMENTS

AMOUNT (N’M)

YEAR OF ISSUE

YEAR OF MATURITY

COUPON RATE

PROJECT

1

Bendel State Loan Stock

20.00

1978

1988

7.00

Developing of Housing Estate

2

Ogun State Revenue Bond

15.00

1986

1996

12.0

Development of water project

3

1st Lagos State Revenue Bond

30.00

 

1987

 

1999

 

19.00

Development of Lekki Peninsula Scheme Phase I

4

2nd Lagos State Revenue Bond

60.00

1988

1999

19.00

Development of Lekki Peninsula

5

1st Lagos Island LGA FRRB

 

100.00

 

1992

 

1996

 

24.75

Development of Sura Shopping Complex

6

 

1st Oyo State Revenue Bond

 

30.00

 

1987

 

1999

 

16.50

Adamasingba Shopping Complex

Gbagi Market Development

7

1st Kaduna State Revenue Bond

30.00

1989

1996

17.00

Development of Ginger factory

8

2nd Kaduna State Revenue Bond

30.00

1993

1996

20.00

Development of Ginger factory

9

Edo State Revenue Bond

1,000.00

2000

2006

21.00

Development of Ogba Riverside Housing Estate

10

Delta State Revenue Bond

3,500.00

2000

2006

16.50

Market, Healthcare, Water and Education

11

 

Yobe State Revenue Bond

 

 

2,500.00

 

2002

 

2005

 

23.00

Urban Roads, Houses and Drainage Improvement

12

 

 

1st tranche Ekiti State Revenue Bond

 

 

 

2,500.00

 

 

 

2002

 

 

 

2005

 

 

 

24.5

 

Financial, urban, rural roads, establishment of palm plantation, rural electricity, expansion of water projects

 

13

Lagos State Bond

15,000.00

2002

2009

4% above TB

Refinance developmental projects

14

Cross River State Tourism Dev. Bond

15,000.00

2004

2007

20.5

Upgrading and expansion of Obudu Ranch Resort

15

1st Akwa Ibom State Revenue Bond

6,000.00

2004

2007

19.5

To finance infrastructural development

16

Kebbi State Revenue Bond

3,500.00

2006

2009

14.0

Kebbi State University of Science and Technology and Zauro polder irrigation

17

Lagos State Government Bond- Series 1under the 275Billion Debt Issuance Programme

50,000.00

2008

2013

13.0

Re-financing of outstanding loans and financing of on-going projects

18

Imo State Government

 – Series 1under the 40Billion  Medium Term Note Programme

 

18,500.00

2009

2016

15.5%

rehabilitation of its water schemes, rehabilitation & construction of its critical roads and equity investment in ‘Imo Wonder Lake & Conference Centre, Oguta’

19

Kwara State Government

– Series 1under the N30Billion Debt Issuance Programme                                          

 

 

 

 

17,000.00

2009

2014

14.0%

Kwara State Truck plaza, International Aviation College, Asa Dam mixed use Development, New secretariat, Commercial agricultural projects, Kwara State University, Ilorin water distribution project, Agricultural irrigation support project, Kwara advanced diagnostic centre, Loan re-financing

20

Niger State Government

6,000.00

2009

2014

14.0%

Rehabilitation of roads in Minna Metropolis and Industrial Layout and construction of roads in seven (7) other locations within the state.

21

Lagos State Government

- Series 2 under the 275Billion Debt Issuance Programme

57,500.00

2010

2017

10.0%

Re-financing of outstanding loans and financing of on-going projects

22

Bayelsa State Government

50,000.00

2010

2017

13.75%

Repayment of existing obligations owed Equatorial Bank, Bank PHB, Intercontinental Bank, First Bank of Nigeria, Multilateral Debts and World Bank

23

Kaduna State Government series 1under the 15Billion Debt Issuance Programme

8,500.00

2010

2015

12.5%

To finance Zaria regional water supply (150 MLD treatment plant),  Construction of 200 bed specialist hospital, Kaduna Millennium City, Kaduna, Construction of new government house office complex, Kaduna, Construction of Tum Madakiya road & construction of 4th bridge across River Kaduna AND Construction of Kafanchan Campus of Kaduna State University, Kaduna.

24

Ebonyi State Government1under the 20Billion Medium Term Note Programme

 

 

16,500.00

2010

2015

13.0%

Repayment of outstanding bank facilities and financing the construction of Ebonyi State International Market, Abakaliki, Ebonyi State regional water schemes, Ebonyi roads & bridges of Unity and Ebonyi rice world project.

25

Edo State Government

25,000.00

2010

2017

14.0%

Refinancing total debt obligations and  finance on-going infrastructural projects

26

Benue State Government

13,000.00

2011

2016

14.0%

Refinancing of existing debt obligations and financing of on-going projects,

27

Delta State Government 1under the 100Billion Debt Issuance Programme

50,000.00

2011

2018

14.0%

Finance developmental projects

28

Ekiti State Government 1under the 25Billion Debt Issuance Programme

20,000.00

2011

2018

14.5%

Finance developmental projects

29

Niger State Government series 1under the 30Billion Debt Issuance Programme

9,000.00

2011

2018

14.0%

Construction of Roads

30

 

 

 

 

 

 

 

Ondo State Government series 1under the 50Billion Debt Issuance Programme

 

 

 

27,000.00

2012

2019

15.5%

Finance developmental projects

31

Gombe State Government series 1under the 30Billion Debt Issuance Programme

20,000.00

2012

2019

15.5%

Building of township & regional roads, College of Education Billiri, School of Basic & Remedial Studies Kumo, development of Secondary Schools, Purchase of Earth Moving Equipment, Mega Park, School of Nursing and refinancing of existing Loan.

32

Lagos State Government Bond – Series 1 series under the 167.5Billion Debt Issuance Programme

80,000.00

2012

2019

14.5%

Construction of Adiyan Waterworks (Phase II), Infrastructure Developments (Roads, Rail, Buildings and Bridges etc), Health Facilities and redevelopment of Eric Moore Schools (Phase I)

33

Osun State Government Tranche 1under the 60Billion Debt Issuance Programme

 

 

30,000.00

2012

2019

14.75%

Road Infrastructures, commercial infrastructure (O-Hub, Dagbolu, Osun), urban renewal (Ilesa, Ikire, Osogbo, Ede and Iwo), Ede waterworks and refinancing of loan

34

Osun Sukuk Company  Plc Al-Ijara Tranche 11 under the State Government of Osun  60Billion Debt Issuance  Programme

11,400.00

2013

2020

14.75%

Construction of Millennium Model Schools (Elementary, Middle and High Schools) in OSun State

 

 

Last Updated: 4th November 2013