Lagos State House of Assembly has approved the issuance of an upsizing bond programme of ₦1trillion sought by the executive arm of government to consolidate the infrastructural projects in the State.
The approval was granted following the presentation of a report by the House Committee on Finance which was saddled with the responsibility of investigating the necessity of the facility and its repayment plans.
“The State Government has continued to access the capital market to raise the much needed fund by way of bond issuance to finance infrastructural development,” the Committee Chairman, Hon. Rotimi Olowo opined.
Olowo further explained that the State Government has registered three bonds programme which have been tied to specific capital projects and not recurrent expenditures.
Hon. Bisi Yusuff supported the move saying it was advantageous the projects like the Light Rail are physical and can be seen.
In his contribution, Hon. Desmond Elliot said the credit-worthiness of Lagos has often attracted investors to the State.
Highlighting the importance of the loan, Hon. Saka Solaja noted that in line with the World Bank directives, the facility would be collected piecemeal and would be paid in the same manner.
Meanwhile, the House has passed the Lagos State Human Organs and Tissue Harvesting and Transplantation Agency bill as well as Lagos State Consumer Protection Agency bill.
Subsequently, The Speaker, Rt. Hon. (Dr.) Mudashiru Ajayi Obasa who presided over the Plenary, directed the Clerk of the House, Barr. Olalekan Onafeko, to send clean copies of the bills to the Governor, Mr. Babajide Sanwo-Olu for his assent.
The House adjourned till Thursday 6th October at 12noon.
