By InvestAdvocate

Lagos (INVESTADVOCATE)-Gombe state, north east Nigeria, has raised N5 billion ($25 million) on bond sales, according to a Reuters report on Friday.

The state sold a 7-year bond with a 16 percent yield to help fund new roads and schools, the report quoted an official.

According to the report, an official who is adviser to the issue affirmed that the bond, which was issued with a maturity date of 2022, is the first tranche of a N10 billion debt issuance programme.

It further affirmed a total of three (3) applications for 5 million units of N1,000 each was received from investors.

The report says Gombe state had in 2012 issued a N20 billion 7-year bond maturing in 2019 with a yield of 15.5 percent.