FACT CHECK: Did Tinubu issue Nigeria's first state bond as Fashola claimed? | TheCable FactCheck
document titled “states and local government bonds issued ”, Bendel state, now Delta and Edo states, issued a bond of N20 million – tin 1978 – twenty-one years before Tinubu became the governor of Lagos.
Also, a further check revealed that in 1986, Ogun state issued a bond of N15 million for the development of a water project.issued its first bond of N30 million for the development of the Lekki Peninsula area.The report by SEC revealed that Edo and Delta states were the first states to issue bonds when Nigeria returned to democratic rule in 1999.
In 2002, three years after Nigeria returned to civil rule, Lagos alongside Yobe and Ekiti issued bonds for different developmental purposes. Tinubu’s administration issued its first bond of N15 billion in 2002 to refinance development projects in the state. The bond matured in 2009.Former Bendel state issued the first-ever state bond in 1978. Also, Delta and Edo states were the first states to issue state bonds in 2000, after Nigeria returned to democratic rule.
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