With about 10 months left in office, Lagos State Governor, Babajide Sanwo-Olu, on Tuesday sought the approval of the Lagos State House of Assembly to raise N200bn through a bond issuance and access about $17m in infrastructure financing to fund key projects before the end of his administration.
The requests, contained in two separate letters signed by the Commissioner for Finance, Abayomi Oluyomi, were read on the floor of the House by the Clerk, Adenike Oshinowo.
Speaker Mudashiru Obasa subsequently referred both requests to the Joint Committee on Economic Planning and Budget and the Committee on Finance for further scrutiny, directing the panels to report back to the House on Thursday.
In the first request, the state government asked the Assembly to authorise Lagos’ participation in the Federation Account Allocation Committee Receivables Discounting Programme under the Lagos State Infrastructure Finance Fund.
According to the letter, the programme is intended to
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