Nigeria's northeastern Gombe state has raised 5 billion naira ($25 million) by selling a 7-year bond with a 16 percent yield to help fund new roads and schools.
The bond, which was issued with a maturity date of 2022, is the first tranche of a 10 billion naira debt issuance programme, the official who is an adviser to the issue said in a notice.
A total of three applications for 5 million units of 1,000 naira each was received from investors.
The state had in 2012 issued a 20 billion naira 7-year bond maturing in 2019 with a yield of 15.5 percent.
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