The Enugu State Executive Council has approved N15 billion bond from the capital market through the United Bank for Africa/United Bank for Africa Capital.
The Commissioner for Information, Dr Godwin Udeuhele, announced the plan in Enugu on Thursday while briefing newsmen on the outcome of the Executive Council meeting.
Udeuhele said that the bond would be secured at the prevailing market rate which ranged from 13.5 per cent to 15.15 per cent for a period of seven years.
He explained that the bridging loan facility by the bank stood at 12 per cent interest rate per annum.
The commissioner said that the state government would soon upgrade the Institute of Management and Technology (IMT) to a degree awarding institution.
He said that the measure became necessary to enhance technical education in the state, adding that the Commissioner for Education had been directed to step up the necessary modalities to actualise the goal.
Udeuhele said that the state government also approved the reintroduction of inter-school essay/quiz competition to encourage scholarship awards.
He said that a scholarship scheme would also be set up to reward students who would emerge winners of the competition.
“We equally examined the sanitary conditions of the state and has approved the resuscitation of the monthly environmental sanitation exercise with effect from the last Saturday of April,” he said.
The council approved the award of contract for the supply and installation of automatic changeover street lights and security flood lights. The council also approved the procurement of a 100,000-litre surface water reservoir in the sum of N138.5 million.
“This is to ensure adequate security and clean environment at the Government House and to augment the ongoing efforts in the reconstruction of the New Lion Building,” the commissioner said.
He said that the reconstruction and rehabilitation of Ibuzor Street, Independence Layout, Enugu was also approved at the cost of N27.6 million. (The News)