The Plateau State Executive Council has approved the sourcing of a N3 billion bond from the capital market to finance some capital projects in the state.
This was one of the decisions taken during its maiden meeting for 2021 presided over by Governor Simon Bako Lalong at the Exco chambers of the new Government House Little Rayfield, Jos.
Commissioner for Information and Communication, Mr. Dan Manjang; Commissioner for Finance, Dr. Mrs. Regina Soemlat and the Commissioner for Commerce and Industry, Mr. Abe Aku gave the highlights of the decisions taken at Council at a news briefing with reporters.
Commissioner for Information and Communication Mr. Dan Manjang said Exco approved the bond as part of its drive to ensure that some of its ongoing projects are completed while other critical ones are introduced.
He said the shortfall in internally generated revenue and federal account allocation accruing to the State due to Covid-19 has necessitated the sourcing of alternative funds to execute critical projects
Finance Commissioner, Dr. Mrs. Regina Soemlat said the N 3billion bond was part of the N30 billion earlier sourced for the Lalong Legacy projects which after re-scoping stood at about N27 billion.
According to her, all funds needed to complete the legacy projects are available and work is ongoing in all the sites steadily.