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By Goddy Egene A wave of fundraising by state governments from the capital market through bonds to develop infrastructure is in the offing, THISDAY checks have revealed. Many of the states are in dire financial straits owing to the economic headwinds caused by the double whammy of the COVID-19 pandemic and the sharp drop in global oil price that have depleted their main sources of revenue from the Federation Account and internally generated revenue. The capital market had provided funds to many states in the past to finance infrastructure and Lagos State has been leading in this regards having raised billions of naira over the years.

Lagos stateRiver jamiesonNigeria generalEdo stateMuhammadu buhariGoddy egeneExchange commissionBond trusteesBoard of the national pension commissionDebt management officeFederation accountEdo state governmentFixed rate senior guaranteed seriesIrrevocable standing payment orderSinking fund accountSocio economic rights