STATES AND LOCAL GOVERNMENT BONDS ISSUED (1978 TO DATE)

STATE AND LOCAL GOVERNMENT BONDS  ISSUED FROM 1978 TO Jan 2015

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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

LEVEL OF SUBSCRIPITON (%)

CURRENT STATUS AMOUNT DRAWN / OUTSTANDING

COLLATERAL/ REMARKS

LEVEL OF UTILIZATION

  1.  

Bendel State Loan Stock

20.00

1978

1988

7.00

Developing of Housing Estate

30

Fully redeemed

ISPO

Fully utilized

  1.  

Ogun State Revenue Bond

15.00

1986

1996

12.0

Development of water project

76

Fully redeemed

ISPO

Fully utilized

  1.  

1st Lagos State Revenue Bond

30.00

 

1987

 

1999

 

19.00

Development of Lekki Peninsula Scheme Phase I

N/A

Fully redeemed

ISPO

Fully utilized

  1.  

2nd Lagos State Revenue Bond

60.00

1988

1999

19.00

Development of Lekki Peninsula

N/A

Fully redeemed

ISPO

Fully utilized

  1.  

1st Lagos Island LGA FRRB

 

100.00

 

1992

 

1996

 

24.75

Development of Sura Shopping Complex

52.50

Fully redeemed

ISPO

Fully utilized

  1.  

 

1st Oyo State Revenue Bond

 

30.00

 

1987

 

1999

 

16.50

Adamasingba Shopping Complex

Gbagi Market Development

 

102

Fully redeemed

ISPO

Fully utilized

  1.  

1st Kaduna State Revenue Bond

30.00

1989

1996

17.00

Development of Ginger factory

100

Fully redeemed

ISPO

Fully utilized

  1.  

2nd Kaduna State Revenue Bond

30.00

1993

1996

20.00

Development of Ginger factory

63.49

Fully redeemed

ISPO

Fully utilized

  1.  

Edo State Revenue Bond

1,000.00

2000

2006

21.00

Development of Ogba Riverside Housing Estate

203

Fully redeemed

ISPO

Fully utilized

  1.  

Delta State Revenue Bond

3,500.00

2000

2006

16.50

Market, Healthcare, Water and Education

101.74

Fully redeemed

ISPO

Fully utilized

  1.  

 

Yobe State Revenue Bond

 

 

2,500.00

 

2002

 

2005

 

23.00

Urban Roads, Houses and Drainage Improvement

 

81.28

Fully redeemed

ISPO

Fully utilized

  1.  

 

 

1st tranche Ekiti State Revenue Bond

 

 

 

1,500.00

 

 

 

2002

 

 

 

2005

 

 

 

24.5

 

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

 

 

 

81.28

 

Fully redeemed

ISPO

Fully utilized

  1.  

Lagos State Bond

15,000.00

2002

2009

4% above TB

Refinance developmental projects

77.58

Fully redeemed

ISPO

Fully utilized

  1.  

Cross River State Tourism Dev. Bond

4,000.00

2004

2007

20.5

Upgrading and expansion of Obudu Ranch Resort

79.69

Fully redeemed

ISPO

Fully utilized

 

 

  1.  

1st Akwa Ibom State Revenue Bond

6,000.00

2004

2007

19.5

To finance infrastructural development

100.00

Fully redeemed

ISPO

Fully utilized

 

 

  1.  

Kebbi State Revenue Bond

3,500.00

2006

2009

14.0

Kebbi State University of Science and Technology and Zauro polder irrigation

100.00

Fully redeemed

ISPO

Fully utilized

  1.  

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

117.93

Yet to be redeemed

ISPO of N300m monthly and IGR

Fully utilized

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 ,Modern Primary School Classroom Block  305   in 305 ward of the state and construction of 26 Model Hospitals in each in each 27 LGAs

100.00

Yet to be redeemed

ISPO

ON-GOING.

 

19

Kwara State Government

– Series 1under the N30Billion Debt Issuance Programme                                          

 

 

 

 

17,000.00

2009

2014

14.0%

Stadium complex, International Aviation College, Asa Dam mixed use Development, Unban Roads, Ilorin oredo politon street lights, Kwara shopping complex, International vocational centre, Rural electrification, Rural Roads Kwara State University, Ilorin water distribution project, Agricultural irrigation support project, Kwara advanced diagnostic centre, Loan re-financing

100.00

Yet to be redeemed

ISPO

 

 

 

 

 

 

 

 

 

 

ON-GOING

 

 

 

 

 

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.

100.00

Yet to be redeemed

ISPO

 

Fully utilized

 

 

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

100.00

Yet to be redeemed

ISPO

Fully utilized

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

100.00

Yet to be redeemed

ISPO

 

 

 

 

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.

100.00

Yet to be redeemed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ISPO

 

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.

100.00

Yet to be redeemed

 

 

 

 

 

 

 

             ISPO

ON-GOING

25

Edo State Government

25,000.00

2010

2017

14.0%

Refinancing total debt obligations and  finance on-going infrastructural projects

100.00

Yet to be redeemed

N16,120,000,000 / N27,560,000,000

Fully utilized

26

Benue State Government

13,000.00

2011

2016

14.0%

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

100.00

Yet to be redeemed

N8,294,000,000 / N7,800,000,000

Fully utilized

27

Delta State Government 1under the 100Billion Debt Issuance Programme

50,000.00

2011

2018

14.0%

Finance developmental projects

100.00

Yet to be redeemed

N17,151,740,793 / N42,817,772,842

ON-GOING

28

Ekiti State Government 1under the 25Billion Debt Issuance Programme

20,000.00

2011

2018

14.5%

Finance developmental projects

100.00

Yet to be redeemed

monthly deduction from the ISPO started September 2011 with the sum of 397,196,867.99

ON-GOING

29

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

9,000.00

2011

2018

14.0%

Construction of Roads

100.00

Yet to be redeemed

N3,087,313,342.74 / N7,716,919,111.48

Fully utilized

30

 

 

 

 

 

 

 

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

 

 

 

27,000.00

2012

2019

15.5%

Finance developmental projects

100.00

Yet to be redeemed

The sate authorized monthly deductions of N315,000,000 for the 1st 24 months and the amount shall rise to N692,132,360.59 from the 25th month

 

 

 

 

 

 

ON GOING

 

 

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.

100.00

Yet to be redeemed

N2,390,825,802.81 / N19,159,174,197.19

ON-GOING

 

88.7% utilized.

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)

100.00

Yet to be redeemed

Obtained ISPO in the sum of N1 billion for interest & principal repayment. An additional sum of N900 million will be appropriated from consolidated debt service account.

Fully utilized

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

100.00

Yet to be redeemed

Osun state will only pay interest for the year 2013 N1,106,250,000; payment of principal will commence by 1st quarter 2014.

ON-GOING

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

 

 

100.00

Yet to be redeemed

 

 

ISPO

ON-GOING

 

35

Lagos State Government Bond – Series 2 under the 167.5Billion Debt Issuance Programme

87,500.00

2013

2020

13.5%

Infrastructure Developments (Roads, Rail, Buildings and Bridges etc), Health Facilities,  Construction of Adiyan Water  Project Phase II  and Shoreline Protection Works

100.00

Yet to be redeemed

 ISPO and Consolidated Debt Service Account (CDSA).

ON-GOING

36

Niger State Government- Series 1under the 21 Billion Medium Term Note Programme

12,000.00

2013

2020

14.00%

For the Construction of Roads, completion of Shiroro Bridge, development of the Garam site &services Scheme, construction of an international market and the completion of Three Arms Zone

100.00

Yet to be redeemed

 

 

ISPO

ON-GOING

37

Nassarawa State Government Series 1 bond due 2020 under the N20Billion MTN Programme

5,000.00

2013

2021

15.00%

for various developmental and Infrastructural projects of the state- Education Project ( Hostel expansion ) and    Market Dev. Project (Complete Construction)

100.00

Yet to be redeemed

 

 

ISPO

ON-GOING

38

Kogi State Government Series 1 bond due 2020 under the N20  Debt Issuance Programme

5,000.00

2013

2020

15.00%

To finance infrastructure projects i.e.  water works, housing units, multi-lane carriage way, construction of hospitals, dev. Of Kogi  House in F.C.T, dev. Of modern motor parks. e.t.c

100.00

Yet to be redeemed

 

 

ISPO

ON-GOING

39

Ekiti State Government Series1 bond due 2020 under the N25 billion Debt Issuance Programme

5,000.00

2013

2020

14.5%

For the Construction of Roads Bridge , rehabilitation of Ire Burnt Bricks Limited and the construction of  of Ekiti-Kete Pavillion

100.00

Yet to be redeemed

 

 

ISPO

ON-GOING

40

Bauchi State Government  N15 billion series 1 under the N30 billion debt issuance programme

15,000,000

2014

2021

15.5%

Part financing of Bauchi Specialist Hospital , Completion of Sir, Abubakar Tafawa Balewa International Airport and Refinancing of Bank Loan

100.00

Yet to be redeemed

ISPO

ON GOING