The Lagos State Government has asked the State House of Assembly to approve a proposed N200 billion bond issuance to finance critical infrastructure projects, including the Lagos Rail Mass Transit Line, New Massey Children’s Hospital, Lagos Island General Hospital and Omu Creek Bridge.
The request, contained in one of two letters from the commissioner for Finance, Abayomi Oluyomi, was presented during Tuesday’s plenary and read by the clerk of the House, Adenike Oshinowo.
According to the commissioner, the proposed Series V bond is part of the state’s N1 trillion Debt and Hybrid Instruments Issuance Programme and is intended to fund priority capital projects across Lagos.
“The Lagos State House of Assembly on Tuesday received two requests from the state government seeking legislative approval for a proposed N200 billion bond issuance and FAAC-backed initiative to finance infrastructure,” Oluyomi said in the letter.
He said proceeds from the bond would finance projects
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