Lagos Assembly approves N500bn bonds for infrastructural development

Lagos State House of Assembly on Wednesday gave legislative endorse for a N500billion bond for the state government spanning between this year and 2019.

Presenting a report during plenary yesterday, the chairman of an adhoc committee set-up by the House on the matter, Hon. Oluyinka Ogundimu informed the House 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 it was meant for.

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

“If the bond is geared towards development, it will open Lagos State to other  parts of the world and generate more employment 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,” he said.

Also speaking, Hon. Gbolahan. Yishawu said that Lagos has 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, Hon. Mudashiru Obasa reiterated the fact that the bond would help develop the state and ensure adequate infrastructural development of the state.