The Federal Government is to issue Sovereign Bond worth 500 million dollars in the international capital market to raise funds to finance infrastructural development in line with its seven-point Agenda.

The bond, approved by the Federal Executive Council at its meeting yesterday, is to be Naira denominated and will be for a tenure of 10 years.

The Minister of Information and Communications, Mr John Odey, who briefed State House correspondents after the meeting, said that the bond would project Nigeria internationally as one of the strong emerging economies in the world.

Odey said that the bond would also serve as a benchmark for subsequent issues by the Federal Government, sub-national governments and the private sector.

The council also approved contracts worth N844 million for the ministries of interior, transportation and the FCT Administration.

The projects include the prototype immigration state command offices, street lights and improvement of water supplies at the Murtala Muhammed International Airport, Ikeja.

(NAN)