Lagos Pays N57.5b to Bond Investors

April 26, 2017

By Dipo Olowookere

Lagos State Commissioner for Finance, Mr Akinwunmi Ashade, has disclosed that about N57.5 billion has been received by the state government from bonds it issued to investors about seven years ago.

According to Mr Ashade, the state government sold Naira-dominated bonds to investors in 2010 to fund some infrastructure projects.

He said since the bonds were sold to investors, the state government has so far paid N57.5 billion to the bond holders to give room for more.

He said this would give the government the opportunity to issue more bonds to raise funds for additional infrastructure investments.

In September 2016, the Lagos State House of Assembly at its plenary approved the issuance of 2016-2019 N500 Billion Programme 3 bonds for the state.

Three months later, the Lagos State government announced the closing of its N47 billion 16.5 percent 2023 series 1 bond issuance under the N500 billion third debt issuance programme targeted at improving the physical and social infrastructure base of the state.

Speaking on Tuesday, Mr Ashade said so far, the state has saved over N103 billion in a sinking fund to redeem bonds maturing in 2019, 2020 and 2023.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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