Assembly Approves N500bn Bond for Infrastructure in Lagos

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The Lagos State House of Assembly has approved the sum of N500 billion worth of bond for the state government spanning between 2016 and 2019.

Presenting a report during plenary yesterday, the Chairman of the ad hoc committee set-up by the assembly on the matter, Hon. Oluyinka Ogundimu, informed the assembly that the bond was necessary for the development of the state and would be repaid through a 23 per cent of the state Internally Generated Revenue (IGR).

He added that all necessary plans are being made to ensure that the money is judiciously spent for the purpose meant for.

In his contribution, the Chairman of the House Committee on Budget and Economic Planning, Hon. Rotimi Olowo, stated that Lagos is the future of Nigeria and that the bond would assist in the infrastructural development of the state.

According to him, “If the bond is geared towards development, it will open the state to other parts of the world and generate more employments for the people.

“We have enough to take care of the bond. By 2019, Nigeria would be out of recession and Lagos would be better for it.”

Also speaking, Hon. Gbolahan Yishawu said Lagos had always been at the forefront of development and that the bond is meant to increase spending and develop the state.

The request was also supported by other lawmakers including Hon. Jude Idimogu, Hon. Olanrewaju Ogunyemi, the Deputy Speaker of the House, Hon. Wasiu Sanni Eshinlokun amongst others.

The Speaker of the assembly, Hon. Mudashiru Obasa, in coordinating a voice vote for the request, reiterated the fact that the bond would help develop the state and ensure adequate infrastructural development of the state.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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