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   Market Date: 21-10-2014   
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Benue Assembly passes bill to raise N13bn from capital market

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Benue Assembly passes bill to raise N13bn from capital market

 

The Benue State House of Assembly on Wednesday passed a bill empowering the government to raise money from the capital market for the execution of projects in the state.

 

 

The state Governor, Mr. Gabriel Suswam, sent the bill to the House in September.

 

 

The bill, allows Suswam to raise N13bn through bonds and other monetary instruments for the execution of capital projects in the state.

 

 

Suswam had told the lawmakers that one advantage of the bill was that transactions involving the money would be between some banks and contractors.

 

 

He said that the government would only be involved at the level of preparing certificates for jobs completed, which would eliminate misappropriation of the funds.

 

 

The Deputy Speaker, Mr Williams Edo, who presided over the plenary session said, the lawmakers passed the bill because they wanted to be part of the history of a good legacy to the Benue people.

 

 

(Source: Punch)



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