The Oyo State Executive Council has approved the issuance of a N100 billion private bond to facilitate the execution of what it described as “priority projects” that will further drive economic development in the state.

The bond christened “Oyo Prosperity Bond” is to be raised in two tranches of N50 billion each for the construction of the 50 kilometre Iseyin-Ogbomoso road, the Ibadan Circular Ring-Road and Ibadan Airport upgrade.

The fund will also be used for the development of Ibadan Dry Port and rail corridor that would serve as economic hubs of the state.

Commissioner for Information, Culture and Tourism, WASIU OLATUBOSUN made the disclosures after the State weekly Executive Council’s virtual meeting.