31 January 2013

Nigeria: Elechi Secures N20 Billion Bond in 10 Months

The Governor of Ebonyi State, Martin Elechi, has said his administration secured a N20 billion bond from the capital market within 10 months.

Elechi said this Wednesday in Abakaliki, when the National Good Governance Tour team led by the Minister of Information, Mr. Labaran Maku, paid him a courtesy visit in his office.

He stated that his administration had started repaying the bond, as he said the payment would be completed by September 2015.

The governor also said the ongoing N17 billion state secretariat complex, which had reached an advance stage would be completed by April.

According to him, paucity of funds was affecting the progress of the projects, but said with improved funding, the contractors, Marlum Nigeria Limited, an Italian firm had assured the state government that the project would be completed by April.

He noted that the initial cost of the project was about N11.25 billion, but explained that various considerations shot the project costs to about N17 billion.

"The contractors are saying that if we improve our funding, before the end of April this year, they should be able to it handover. Originally, the contract was for N11.25 billion, but thereafter, a number of things came into consideration, the approach road, the fencing, the internal roads, as well as security gadgets, so we are not yet sure of the cost until it is finished because everyday we are presented with new bills, new increases. We believe it will be under N17 billion by the time it is completed," he said.

Elechi, who said his state was one of the three states in the country that received the lowest amount of allocation from the Federal Government, expressed optimism that the N20 billion raised by his administration would be paid by September 2015.

"We have gone to the bond market and within 10 months we were able to secure a bond facility of N20 billion which we have been refunding according to agreement. And I believe our supporters are happy with us that they even decided to improve on the terms to make it easier for us to refund, we should be able to complete by September 2015," he said.

Meanwhile, the Information Minister Mr. Labaran Maku has disclosed that the federal government was striving hard to compensate the region for their massive support during the 2011 election.

Maku said the president was appreciative of the 100 per cent support given to him by the people of the South-east and was doing everything possible to payback the support.

"Mr. President sent his special wishes to your people, of course you know that the South-east 100 per cent support during the election and Mr. President is working to do everything he can to payback that support," he said.

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