The Lagos State House of Assembly on Thursday approved the state government’s request to issue a N200bn bond and participate in the Federation Account Allocation Committee Receivables Discounting Programme to finance critical infrastructure projects across the state.
The approvals followed the adoption of the Joint Committee on Economic Planning and Budget and Finance’s report during plenary.
Presenting the report, Chairman of the Joint Committee, Sa’ad Olumoh, said the panel examined the executive’s requests and found them suitable for legislative approval.
Olumoh said the Commissioner for Finance, Abayomi Oluyomi, informed the committee that the Federal Government introduced the FAAC Receivables Discounting Programme following a proposal by the Nigeria Governors’ Forum to enable states to access funding for infrastructure development.
He explained that under the arrangement, participating states would execute an irrevocable standing payment order authorising the Accountant-General of the Federation to deduct agreed sums from their monthly FAAC allocations over 11
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