By Lukman Olabiyi
Lagos State has signed a N137.3 billion bond to raise funds to address the infrastructural deficit in the state.
The bond was signed yesterday at the state house in Alausa, Ikeja, with Chapel Hill Denham as the major issuing house.
Governor Babajide Sanwo-Olu disclosed that the key infrastructural projects would executed with the bond issuance include the Lagos Badagry expressway, the ten kilometers regional roads in Lekki, Eleko junction to Epe six kilometers road, drainage and flooding issues as well as execution of projects in the Health sector.
At the signing of the bond which is adjudged to be the largest single bond by a sub-national in the domestic markets, Governor Sanwo-olu, assured that the bond would be used for the purposes to impact positively on the well being of all residents in the state.
Earlier, the Commissioner for Finance, Rabiu Olowo, noted that the state sought for N125,000,000,000, bond but got over subscription which signifies the trust and confidence of the investing communities in the present administration.
He expressed confidence that the ten years bond from 2021 to 2031 at an interest rate of 13 percent would save the state government of wastages.
Representatives of the investing communities, Ms Kemi Awodehin, thanked the state government for trusting them to finance key projects in the state for the benefit of the over 22 million Lagos residents.
The event was attended by all members of the state cabinet, representatives of issuing houses, Trustees, Rating agents, Stock brokers, receiving banks and solicitors to the state government and issuers among others.