The Lagos State House of Assembly has approved a sum of N500 billion bond for the state government to help it raise fund for infrastructural development in the state.
The bond is expected to span a period of three years.
Presenting a report during plenary on Tuesday, the chairman of an adhoc committee inaugurated by the House on the matter, Honourable Oluyinka Ogundimu, informed the House that the bond was necessary for the development of the state and would be repaid through a 23 per cent of the state internally generated revenue (IGR).
He added that all necessary plans had already been made to ensure that the money that would be raised through the bond would be judiciously spent in a way that the state would have the best roads, bridges, more schools as well as create more jobs in the next three years.
Commenting on the move, the chairman, House Committee on Budget and Economic Planning, Honourable Rotimi Olowo, said that since Lagos was the future of Nigeria, the bond would assist in furnishing it with necessary infrastructure that would enable it perform the role.
“If the bond is geared towards development, it will open the state to other parts of the world and generate more employment for the people.”
“We have enough to take care of the bond. By 2019, Nigeria would be out of recession and Lagos would be better for it,” he said.
Also speaking, Honourable Gbolahan Yishawu, said that Lagos had always been at the forefront of development, adding that the bond was also meant to increase spending and develop the state.