Lagos to Receive N500billion Infrastructure Bond

The Lagos State House of Assembly has ratified the sum of N500 billion worth of bond for infrastructural projects spanning between 2016 and 2019.

Chairman of the ad hoc committee set-up by the assembly on the matter, Hon. Oluyinka Ogundimu, who presented a report during plenary on Tuesday, September 6, 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).

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

Chairman of the House Committee on Budget and Economic Planning, Hon. Rotimi Olowo, in his contribution, 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.