Lagos State House of Assembly has approved the issuance of an upsizing bond programme of N1trillion sought by the executive arm of government to consolidate infrastructural projects.
The approval was granted following the presentation of a report by the House Committee on Finance, which was saddled with investigating the necessity of the facility and its repayment plans.
Committee Chairman Rotimi Olowo noted that ‘the government has continued to access the capital market to raise the much needed fund by way of bond issuance to finance infrastructural development’.
He said the government had registered three bonds programme, which had been tied to specific capital projects and not recurrent expenditure.
Bisi Yusuff supported the move, saying it was advantageous and projects such as the Light Rail were physical and could be seen.
Desmond Elliot said the credit-worthiness of Lagos has often attracted investors to the state.
The House also passed the Lagos State Human Organs and Tissue Harvesting and Transplantation Agency bill, as well as Lagos State Consumer Protection Agency (LASCOPA) bill.
Subsequently, Speaker Mudashiru Obasa, who presided over the plenary, directed the Clerk, Olalekan Onafeko, to send clean copies of the bills to Governor Babajide Sanwo-Olu for his assent.
The House thereafter adjourned till October 6.