Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result

Why Cross River decided to float N40bn bond – Imoke

Editor by Editor
September 3, 2014
in Uncategorized
Share on FacebookShare on TwitterShare on Linkedin

The Cross River State Governor, Senator Liyel Imoke has shed some light on the move by his administration to float a N40 billion.

His Chief Press Secretary, Christian Ita in a statement on behalf of the governor said the instrument to be issued is not a fresh debt as misconstrued in some quarters, but a deliberate policy at freeing the state of its current debt burden.

He clarified: “The bond issued by the Cross River state government is an application to recapitalise subsisting debts in the state. It is not a fresh bond to raise fresh loans, but to renegotiate the existing debt and spread the repayment period over a reasonable time and free up the state from numerous debt accruing from 2002 when the first bond was issued by the state government in support of the Tinapa project.

RelatedPosts

JP Morgan warns that oil prices could surge to $380 a barrel

Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade

“The first bond ever issued by the state government was in 2002 when the first Bond Law was passed to enable the state government to borrow funds to finance the Tinapa project.”

Ita explained that since 2002, a lot of interest has accrued to the state federation account, thereby, limiting the state capacity to raise funds to bridge the funding gap in the state annual budget. Furthermore, he said the current N40 billion bond is an accumulated compilation of past debts arising from the 2002 bond and subsequent state borrowing, which is now being recapitalised and renegotiated with lower interest rate and longer payment period.

The statement also noted that the government has presented the request for the recapitalisation of the debt by bond.

The procedure to achieve that was that firstly, the request was presented to the state executive council and was approved. Secondly, the approval was sent to the state house of assembly for a resolution to support the bond and thirdly, the request to the state house of assembly was backed up by a law to amend the State Bond Law and a Debt Management Law.

The All Progressives congress (APC) in the South-south zone had through a statement signed by its Special Adviser, Media and Publicity/ Chief Press Secretary to the party’s National Vice Chairman, South-South, Mr. Bassey Ita, had accused the Peoples Democratic Party (PDP) led state government of mortgaging the state to economic slavery by floating the N40 billion bond.

“To confirm our curiosity of the helplessness of the PDP led junta, only recently, the state’s rubber stamp legislature rose from a session with a resolution which among others approved of the execution arm to acquire through bond, a total N40 billion in the guise of rejuvenating the economy and completing so-called ongoing projects.

“What we deduce from this is that apart from being insensitive to the plight and welfare needs of the masses by previous indebtedness and financial mess it has plunged the state,” the opposition party had alleged.

Related

Tags: News Review

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • JP Morgan warns that oil prices could surge to $380 a barrel
    • Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade
    • Weekly Stock Update: Nigerian Exchange Group record gains, up 0.24% w-o-w

    Follow us on social media:

    Recent News

    reserves, Nigeria Crude Oil Prices, Nigeria wants international oil companies to pay up now , Trade conflict between United States, China continues to affect oil prices, Global oil prices rally to $69.16, as Soleimani killed in US air strike, Crude oil prices continue to rise on the backdrop of US-Iran tension, Coronavirus projected to affect crude oil demand negatively , Worry, as Coronavirus threat pushes oil price below budget benchmark, Coronavirus: FG to review budget as oil price plunges, BOOM: Crude oil price crash below $30 in worst trading day since 1930,Bears ravage Global market, Brent Oil surges 10% trading at $27.29 per barrel, Crude Oil up 10% as Brent crude raises to $27 per barrel, Oil market crisis – possible production shutdown looms, The time crude oil became cheaper than water,, Brent crude surges past $40, analyst recommends investment in crude oil derivatives, Nigeria's Bonny light hit four months high, Nigeria's Bonny light hit four months high

    JP Morgan warns that oil prices could surge to $380 a barrel

    July 2, 2022
    Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade

    Buhari says Lekki Deep Sea Port to create job opportunities, facilitate trade

    July 2, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com