The Oyo State Executive Council has approved the issuance of a N100 billion private bond tagged “Oyo Prosperity Bond” to facilitate the execution of priority projects that will further drive economic development.
In a statement issued in Ibadan by the Commissioner for Information, Culture and Tourism, Dr Wasiu Olatubosun, the council gave approval for the bond during its weekly virtual meeting.
“The fund would be raised in two tranches of N50 billion each for the construction of the 50km- Iseyin-Ogbomoso road, the Ibadan Circular Ring-Road and Ibadan Airport upgrade.
“The fund will also covered the development of Ibadan dry port and rail corridor that will serve as economic hubs of the state.
“Also with the fund; the state will construct and upgrade one government hospital with modern equipment, in each of the three senatorial districts of the state.
“In addition, the 21km Ibadan Airport to Ajia along New Ife Express Road with a spur to Amuloko in Ibadan will also benefit from the alternative project funding approach of the state government.” the statement read.
The Information commissioner further stressed “the construction of Iseyin – Ogbomoso road is very important because when completed, it will serve as a link road and help to save many hours spent on traveling and the lives of commuters, who daily experience vehicular accidents on various roads that link the already dilapidated Ogbomoso road.
“The 21km airport – Ajia – New Ife Express road with a spur to Amuloko will be executed by Messrs Peculiar Ultimate Concerns Ltd at a total cost of N8.5 billion.
“The project funding, will be in form of Alternative Project Funding Approach (APFA), which allows for Public-Private Partnership for funding of infrastructural projects in the state.
“With this approach in place, there will be transfer of projects’ risk to private entity while the hassle of debt management office (DMO) approval would be avoided and the quality delivery as well as quick completion of project would be ascertained,” Olatubosun explained.
The statement further indicated that the executive council also approved the establishment of the Oyo State Development Agency for Socio-Economic Advancement (OYODASA).
According to the statement, the agency will give room for the residents of the state to have better understanding of government’s goals and help establish a shared vision between communities within the State and the State administration.
“The purpose of the agency was to booster participation in governance at the grassroots levels, and government will establish offices for the agency in seven zones and in all the local government areas of the state.
“The agency will ensure government’s programmes and policies are better understood by the general public, mobilise favourable opinions for such programmes and policies, encourage informal education through public enlightenment activities and publications.
“Also the agency will establish appropriate framework for educating and orientating residents of the state towards developing socially desirable attitudes, values and cultures.
“It will also encourage the people to take part actively and freely in discussions and decisions affecting their general welfare while promoting new sets of attitude and culture for the attainment of the goals and objectives of the state.
“OYODASA will work to instill in the populace, a sense of loyalty to their fatherland, ensure and uphold leadership by example and foster respect for constituted authority,” the commissioner stated.