Oyo Executive Council on Tuesday approved issuance of a N100 billion private bond to facilitate execution of what it described as “priority projects” that will further drive economic development in the state.
The bond christened “Oyo Prosperity Bond” is to be raised in two tranches of N50 billion each for the construction of the 50 kilometre Iseyin-Ogbomoso road, the Ibadan Circular Ring-Road and Ibadan Airport upgrade.
The fund will also be used for development of Ibadan Dry Port and rail corridor that would serve as economic hubs of the state.
Commissioner for Information, Culture and Tourism, Dr Wasiu Olatubosun, made the disclosures after the State weekly Executive Council’s virtual meeting.
According to him, the state will also construct and equip with modern facilities, one government hospital in each of the three senatorial districts of the state from the fund.
Additionally, the 21 kilometre Airport – Ajia – New Ife Express Road with a spur to Amuloko, Ibadan would also benefit from the alternative project funding approach of the state government.
While disclosing the 21 kilometre Airport – Ajia – New Ife Express Road with a spur to Amuloko would be executed by Messrs Peculiar Ultimate Concerns Ltd at a total cost of N8.5billion, Olatunbosun noted the project funding would 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,” the Commissioner added.

By Yinka Adeniran