Lagos Assembly Considers Sanwo-Olu’s N200bn Bond Request For Infrastructure Devt Today

The Joint Committee on Economic Planning and Budget and the Committee on Finance of Lagos State House of Assembly are expected to submit their reports today, at the request of Lagos State governor, Mr Babajide Sanwo-Olu, seeking approval for a N200 billion bond for infrastructure development and other financing initiatives.

This followed the directive of the Speaker, Rt. Hon. Mudashiru Obasa on Tuesday that the Joint Committee should scrutinise the two requests submitted through the commissioner for Finance, Abayomi Oluyomi, and submit their findings today.

The requests were conveyed in separate letters from Oluyomi and read on the floor of the House by the clerk, Mrs Adenike Oshinowo

The first request sought the Assembly’s resolution authorising Lagos State’s participation in the Federation Account Allocation Committee (FAAC) Receivables Discounting Programme under the Lagos State Infrastructure Finance Fund.

According to the letter, the programme is designed to provide immediate liquidity for the State by leveraging future FAAC allocations to finance critical infrastructure and capital projects.

The commissioner explained that the initiative would enable Lagos to access third-party funding estimated at $17 million for developmental projects.

Oluyomi stated that the government’s participation in the programme requires a formal resolution of the House of Assembly, stressing that the approval would facilitate the implementation of key infrastructure initiatives across the state.

In the second request, the Commissioner sought legislative approval for Lagos State’s proposed ₦200 billion Series V bond issuance under its ₦1 trillion Debt and Hybrid Instruments Issuance Programme.

He noted that the State has consistently relied on the debt capital market to secure funding for major infrastructure and social development projects aimed at driving economic transformation.

The proposed bond, according to the letter, would finance several priority projects, including the New Massey Children’s Hospital, Lagos Island General Hospital, the Lagos Rail Mass Transit Line, the Omu Creek Bridge, and other strategic infrastructure across the state.

The Commissioner urged the lawmakers to adopt the proposed resolutions to enable the State government to proceed with the necessary arrangements to access the capital market, assuring the Assembly of the government’s commitment to prudent financial management and sustainable infrastructure.