Lagos state to raise N100bn in local stock market

To fund the 2021 budget, the Lagos State Government has said that out of the N193 billion debt it intends to raise, N100 billion will be sourced from the domestic capital market.

Also, N52 billion will be sourced externally while N41 billion will come from internal sources.

Speaking in Lagos on Thursday at a Fact Behind the Figure of the state’s 2021 budget, the Commissioner for Finance, Mr Rabiu Olowo, said the N100 billion would be raised from the sale of bonds to investors at the nation’s capital market and would be used solely for the financing of critical infrastructure and development projects in the metropolis.

Dr Olowo said the Lagos State debt charge was N31bn, while debt repayment was N158bn.

Giving an overview of the 2020 budget, Mr. Sam Egube, Commissioner of Economic Planning and Budget, said the state achieved a performance of 86 per cent and achieved revenue generation of 93 per cent.

Providing insight into the 2021 budget highlights, he said the total estimate was N1.164 trillion and would be funded from a total revenue estimate of N971.02 billion, of which Internally Generated Revenue covers N723.81 billion, Capital Receipts, N71.81 billion and Federal Transfer accounts for N175.4 billion

According to the budget breakdown, N702.93bn will be allocated to capital expenditure and N460.58bn will be deployed for recurrent expenditure.

This means the ratio for the 2021 budget is 60 per cent capital and 40 per cent recurrent. Thus indicating that Lagos is maintaining focus on developing its infrastructure and invest in human capital development, to drive a 21st-century economy.

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