Nigerian southeastern state of Ebonyi and the north eastern state of Bauchi are planning to raise N24.34 billion in bonds to either pay bank debts and fund development projects.

Ebonyi is planning to raise 9.34 billion naira ($57.32 million). Bauchi wants N15 billion($92.05million)

Nigeria’s Securities and Exchange Commission (SEC) said Tuesday that Ebonyi had applied for its approval to offset existing bank loans from United Bank for Africa (UBA) and fund the building of a market and a government office building.

“The Ebonyi State Government has applied seeking the approval of the Commission to raise funds through the issuance of Bond in the Nigerian Capital Market,” the SEC said in a publication on its website, without providing further details.

The SEC said Bauchi state meant to use the funds to finance the completion of an airport and a specialist hospital and to refinance existing bank loans.

SEC did not disclose the maturity of the bonds or the timing of the issue