STATE AND LOCAL GOVERNMENT BONDS ISSUED FROM 1978 TO DATE
February 26, 2015
N/A = Not Available
Source: Compiled from SEC Annual Report and Accounts and other SEC internal records.
| S/N | STATE/LOCAL GOVERNMENTS | AMOUNT (N’M) | YEAR OF ISSUE | YEAR OF MATURITY | COUPON RATE | PROJECT | LEVEL OF SUBSCRIPITON (%) | CURRENT STATUS AMOUNT DRAWN / OUTSTANDING | COLLATERAL/ REMARKS | LEVEL OF UTILIZATION |
|
|
Bendel State Loan Stock | 20.00 | 1978 | 1988 | 7.00 | Developing of Housing Estate | 30 | Fully redeemed | ISPO | Fully utilized |
|
|
Ogun State Revenue Bond | 15.00 | 1986 | 1996 | 12.0 | Development of water project | 76 | Fully redeemed | ISPO | Fully utilized |
|
|
1st Lagos State Revenue Bond | 30.00 |
1987 |
1999 |
19.00 |
Development of Lekki Peninsula Scheme Phase I | N/A | Fully redeemed | ISPO | Fully utilized |
|
|
2nd Lagos State Revenue Bond | 60.00 | 1988 | 1999 | 19.00 | Development of Lekki Peninsula | N/A | Fully redeemed | ISPO | Fully utilized |
|
|
1st Lagos Island LGA FRRB |
100.00 |
1992 |
1996 |
24.75 |
Development of Sura Shopping Complex | 52.50 | Fully redeemed | ISPO | Fully utilized |
|
|
1st Oyo State Revenue Bond |
30.00 |
1987 |
1999 |
16.50 |
Adamasingba Shopping Complex
Gbagi Market Development |
102 |
Fully redeemed | ISPO | Fully utilized |
|
|
1st Kaduna State Revenue Bond | 30.00 | 1989 | 1996 | 17.00 | Development of Ginger factory | 100 | Fully redeemed | ISPO | Fully utilized |
|
|
2nd Kaduna State Revenue Bond | 30.00 | 1993 | 1996 | 20.00 | Development of Ginger factory | 63.49 | Fully redeemed | ISPO | Fully utilized |
|
|
Edo State Revenue Bond | 1,000.00 | 2000 | 2006 | 21.00 | Development of Ogba Riverside Housing Estate | 203 | Fully redeemed | ISPO | Fully utilized |
|
|
Delta State Revenue Bond | 3,500.00 | 2000 | 2006 | 16.50 | Market, Healthcare, Water and Education | 101.74 | Fully redeemed | ISPO | Fully utilized |
|
|
Yobe State Revenue Bond |
2,500.00 |
2002 |
2005 |
23.00 |
Urban Roads, Houses and Drainage Improvement |
81.28 |
Fully redeemed | ISPO | Fully utilized |
|
|
1st tranche Ekiti State Revenue Bond
|
1,500.00
|
2002
|
2005
|
24.5
|
Financial, urban, rural roads, establishment of palm plantation, rural electricity, expansion of water projects
|
81.28
|
Fully redeemed | ISPO | Fully utilized |
|
|
Lagos State Bond | 15,000.00 | 2002 | 2009 | 4% above TB | Refinance developmental projects | 77.58 | Fully redeemed | ISPO | Fully utilized |
|
|
Cross River State Tourism Dev. Bond | 4,000.00 | 2004 | 2007 | 20.5 | Upgrading and expansion of Obudu Ranch Resort | 79.69 | Fully redeemed | ISPO | Fully utilized
|
|
|
1st Akwa Ibom State Revenue Bond | 6,000.00 | 2004 | 2007 | 19.5 | To finance infrastructural development | 100.00 | Fully redeemed | ISPO | Fully utilized
|
|
|
Kebbi State Revenue Bond | 3,500.00 | 2006 | 2009 | 14.0 | Kebbi State University of Science and Technology and Zauro polder irrigation | 100.00 | Fully redeemed | ISPO | Fully utilized |
|
|
Lagos State Government Bond- Series 1under the 275Billion Debt Issuance Programme | 50,000.00 | 2008 | 2013 | 13.0 | Re-financing of outstanding loans and financing of on-going projects | 117.93 | Yet to be redeemed | ISPO of N300m monthly and IGR | Fully utilized |
| 18 | Imo State Government
– Series 1under the 40Billion Medium Term Note Programme
|
18,500.00 | 2009 | 2016 | 15.5% | rehabilitation of its water schemes, rehabilitation & construction of its critical roads ,Modern Primary School Classroom Block 305 in 305 ward of the state and construction of 26 Model Hospitals in each in each 27 LGAs | 100.00 | Yet to be redeemed | ISPO | ON-GOING.
|
| 19 | Kwara State Government
– Series 1under the N30Billion Debt Issuance Programme
|
17,000.00 | 2009 | 2014 | 14.0% | Stadium complex, International Aviation College, Asa Dam mixed use Development, Unban Roads, Ilorin oredo politon street lights, Kwara shopping complex, International vocational centre, Rural electrification, Rural Roads Kwara State University, Ilorin water distribution project, Agricultural irrigation support project, Kwara advanced diagnostic centre, Loan re-financing | 100.00 | Yet to be redeemed | ISPO
|
ON-GOING
|
| 20 | Niger State Government | 6,000.00 | 2009 | 2014 | 14.0% | Rehabilitation of roads in Minna Metropolis and Industrial Layout and construction of roads in seven (7) other locations within the state. | 100.00 | Yet to be redeemed | ISPO |
Fully utilized
|
| 21 | Lagos State Government
– Series 2 under the 275Billion Debt Issuance Programme |
57,500.00 | 2010 | 2017 | 10.0% | Re-financing of outstanding loans and financing of on-going projects | 100.00 | Yet to be redeemed | ISPO | Fully utilized |
| 22 | Bayelsa State Government | 50,000.00 | 2010 | 2017 | 13.75% | Repayment of existing obligations owed Equatorial Bank, Bank PHB, Intercontinental Bank, First Bank of Nigeria, Multilateral Debts and World Bank | 100.00 | Yet to be redeemed | ISPO |
|
| 23 | Kaduna State Government series 1under the 15Billion Debt Issuance Programme | 8,500.00 | 2010 | 2015 | 12.5% | To finance Zaria regional water supply (150 MLD treatment plant), Construction of 200 bed specialist hospital, Kaduna Millennium City, Kaduna, Construction of new government house office complex, Kaduna, Construction of Tum Madakiya road & construction of 4th bridge across River Kaduna AND Construction of Kafanchan Campus of Kaduna State University, Kaduna. | 100.00 | Yet to be redeemed |
ISPO |
|
| 24 | Ebonyi State Government1under the 20Billion Medium Term Note Programme
|
16,500.00 | 2010 | 2015 | 13.0% | Repayment of outstanding bank facilities and financing the construction of Ebonyi State International Market, Abakaliki, Ebonyi State regional water schemes, Ebonyi roads & bridges of Unity and Ebonyi rice world project. | 100.00 | Yet to be redeemed |
ISPO |
ON-GOING |
| 25 | Edo State Government | 25,000.00 | 2010 | 2017 | 14.0% | Refinancing total debt obligations and finance on-going infrastructural projects | 100.00 | Yet to be redeemed | N16,120,000,000 / N27,560,000,000 | Fully utilized |
| 26 | Benue State Government | 13,000.00 | 2011 | 2016 | 14.0% | Refinancing of existing debt obligations and financing of on-going projects, | 100.00 | Yet to be redeemed | N8,294,000,000 / N7,800,000,000 | Fully utilized |
| 27 | Delta State Government 1under the 100Billion Debt Issuance Programme | 50,000.00 | 2011 | 2018 | 14.0% | Finance developmental projects | 100.00 | Yet to be redeemed | N17,151,740,793 / N42,817,772,842 | ON-GOING |
| 28 | Ekiti State Government 1under the 25Billion Debt Issuance Programme | 20,000.00 | 2011 | 2018 | 14.5% | Finance developmental projects | 100.00 | Yet to be redeemed | monthly deduction from the ISPO started September 2011 with the sum of 397,196,867.99 | ON-GOING |
| 29 | Niger State Government series 1under the 30Billion Debt Issuance Programme | 9,000.00 | 2011 | 2018 | 14.0% | Construction of Roads | 100.00 | Yet to be redeemed | N3,087,313,342.74 / N7,716,919,111.48 | Fully utilized |
| 30
|
Ondo State Government series 1under the 50Billion Debt Issuance Programme
|
27,000.00 | 2012 | 2019 | 15.5% | Finance developmental projects | 100.00 | Yet to be redeemed | The sate authorized monthly deductions of N315,000,000 for the 1st 24 months and the amount shall rise to N692,132,360.59 from the 25th month |
ON GOING
|
| 31 | Gombe State Government series 1under the 30Billion Debt Issuance Programme | 20,000.00 | 2012 | 2019 | 15.5% | Building of township & regional roads, College of Education Billiri, School of Basic & Remedial Studies Kumo, development of Secondary Schools, Purchase of Earth Moving Equipment, Mega Park, School of Nursing and refinancing of existing Loan. | 100.00 | Yet to be redeemed | N2,390,825,802.81 / N19,159,174,197.19 | ON-GOING
88.7% utilized. |
| 32 | Lagos State Government Bond – Series 1 series under the 167.5Billion Debt Issuance Programme | 80,000.00 | 2012 | 2019 | 14.5% | Construction of Adiyan Waterworks (Phase II), Infrastructure Developments (Roads, Rail, Buildings and Bridges etc), Health Facilities and redevelopment of Eric Moore Schools (Phase I) | 100.00 | Yet to be redeemed | Obtained ISPO in the sum of N1 billion for interest & principal repayment. An additional sum of N900 million will be appropriated from consolidated debt service account. | Fully utilized |
| 33 | Osun State Government Tranche 1under the 60Billion Debt Issuance Programme
|
30,000.00 | 2012 | 2019 | 14.75% | Road Infrastructures, commercial infrastructure (O-Hub, Dagbolu, Osun), urban renewal (Ilesa, Ikire, Osogbo, Ede and Iwo), Ede waterworks and refinancing of loan | 100.00 | Yet to be redeemed | Osun state will only pay interest for the year 2013 N1,106,250,000; payment of principal will commence by 1st quarter 2014. | ON-GOING |
| 34 | Osun Sukuk Company Plc Al-Ijara Tranche 11 under the State Government of Osun 60Billion Debt Issuance Programme | 11,400.00 | 2013 | 2020 | 14.75% | Construction of Millennium Model Schools (Elementary, Middle and High Schools) in OSun State
|
100.00 | Yet to be redeemed |
ISPO |
ON-GOING |
|
35 |
Lagos State Government Bond – Series 2 under the 167.5Billion Debt Issuance Programme | 87,500.00 | 2013 | 2020 | 13.5% | Infrastructure Developments (Roads, Rail, Buildings and Bridges etc), Health Facilities, Construction of Adiyan Water Project Phase II and Shoreline Protection Works | 100.00 | Yet to be redeemed | ISPO and Consolidated Debt Service Account (CDSA). | ON-GOING |
| 36 | Niger State Government- Series 1under the 21 Billion Medium Term Note Programme | 12,000.00 | 2013 | 2020 | 14.00% | For the Construction of Roads, completion of Shiroro Bridge, development of the Garam site &services Scheme, construction of an international market and the completion of Three Arms Zone | 100.00 | Yet to be redeemed |
ISPO |
ON-GOING |
| 37 | Nassarawa State Government Series 1 bond due 2020 under the N20Billion MTN Programme | 5,000.00 | 2013 | 2021 | 15.00% | for various developmental and Infrastructural projects of the state- Education Project ( Hostel expansion ) and Market Dev. Project (Complete Construction) | 100.00 | Yet to be redeemed |
ISPO |
ON-GOING |
| 38 | Kogi State Government Series 1 bond due 2020 under the N20 Debt Issuance Programme | 5,000.00 | 2013 | 2020 | 15.00% | To finance infrastructure projects i.e. water works, housing units, multi-lane carriage way, construction of hospitals, dev. Of Kogi House in F.C.T, dev. Of modern motor parks. e.t.c | 100.00 | Yet to be redeemed |
ISPO |
ON-GOING |
| 39 | Ekiti State Government Series1 bond due 2020 under the N25 billion Debt Issuance Programme | 5,000.00 | 2013 | 2020 | 14.5% | For the Construction of Roads Bridge , rehabilitation of Ire Burnt Bricks Limited and the construction of of Ekiti-Kete Pavillion | 100.00 | Yet to be redeemed |
ISPO |
ON-GOING |
| 40 | Bauchi State Government N15 billion series 1 under the N30 billion debt issuance programme | 15,000.00 | 2014 | 2021 | 15.5% | Part financing of Bauchi Specialist Hospital , Completion of Sir, Abubakar Tafawa Balewa International Airport and Refinancing of Bank Loan | 100.00 | Yet to be redeemed | ISPO | ON GOING |