Osun Takes N10bn Sukuk To Investors Highlighting The Gains Of People-Centred Programmes

Sukuk bond - 1a

From Right – Chief of Staff to the Governor, Alhaji Gboyega Oyetola; Governor State of Osun, Ogbeni Rauf Aregbesola; Commissioner for Finance, Economic Planning and Budget, Dr Wale Bolorunduro and Managing Director, Lotus Capital Limited, Mrs Adeola Hajara, during the State of Osun Ten Billion Naira Sukuk Bond Investors Forum, at Oriental Hotel, Lagos State on Tuesday 10-09-2013


Governor of the State of Osun, Ogbeni Rauf Aregbesola, has said his state is an emerging investors’ destination which all investors in and out of the country must court with the emerging robust opportunities in commerce, tourism agriculture and other sub-sectors of the economy.

Aregbesola, who identified human capacity building and empowerment as effective ways to combat poverty in the country stated that a nation intends to fail the moment its government’s policies and programmes are not targeted at empowering its citizens.

The Governor spoke in Lagos Tuesday evening at an investment forum put together to drum up support for the State of Osun’s N10bn (Ten billion) Sukuk (an Islamic bond).

According to him, his administration is people-centred, which is why the State of Osun has the least ratio on the poverty index and unemployment rate in Nigeria.

He disclosed that his administration has raised Osun’s IGR from paltry N300 million (three hundred million) inherited from previous administration to N1.6 billion monthly to be able to empower more indigenes of the state.

“This is why our government is poised on investing on the people of the state so as to expand the economy and create more wealth.

“Our various investments in education, health, transportation, agriculture and social infrastructures are therefore directed towards achieving optimum level of human production,” he said.

Already, there are massive constructions of modern schools facilities going on across the state under the O-School scheme.

The state has also embarked on road constructions which are aimed at creating a new network of roads and reconstructing new ones as part of strategies to accelerate economic growth through smooth public transportation system.

Aregbesola informed investors that focusing on the people is central and cardinal to his administration; telling them to see the state as veritable atmosphere for investment.

He added that with less than 3% poverty index and least unemployment rate, coupled with the upgrade of infrastructural facilities, Osun is a fertile ground for rapid investment growth.

He noted that his past three years in office has been focused on massive and all round development of the state in every socio-economic and political sphere.

The achievements of which he said is due largely to strategic governance with some intervention on the condition of good living of the people.

He cited the examples of government’s investments on school uniforms for pupils as well as expenditures on MKO Abiola International Airport- the expenditure; which, according to him, will be recouped in five years.

In his remark, the Commissioner for Finance and Economic Planning, Dr. Wale Bolorunduro, said the state is solvent contrary to rumours heavy indebtedness of the state being peddled by some disgruntled elements.

He added that Aregbesola has also recorded 60% capital projects implementation index as well as tax audit of N2 billion from uncollected taxes by the immediate past administration.