Lagos To Borrow N500 Billion For Development In Three Years

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Governor of Lagos

LAGOS/By Dipo Awojobi – The Lagos State House of Assembly has approved a sum of N500 Billion Bonds for the state government spanning between 2016 and 2019.

Presenting a report during plenary on Tuesday, 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 percent of the state Internally Generated Revenue.

Governor of Lagos State
Governor of Lagos State

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 Lagos 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 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 of the House, Rt. Hon. Mudashiru Obasa, in co-ordinating 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.

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