Nigeria’s North Eastern Gombe State has raised N5 billion ($25m) by selling a 7-year bond with a 16 percent yield to help fund new roads and schools, an official said on Friday.
The bond, which was issued with a maturity date of 2022, is the first tranche of a N10 billion debt issuance programme, the official who is an adviser to the issue said in a notice.
A total of three applications for 5 million units of N1,000 each were received from investors.
The state had in 2012 issued a N20 billion 7-year bond maturing in 2019, with a yield of 15.5 percent.
