Lagos Governor Seeks N200bn Bond, $17m Funding Approval

On Tuesday, October 3, 2023, Lagos State Governor Babajide Sanwo-Olu sought the Lagos State House of Assembly's approval to raise N200 billion through bond issuance and access approximately $17 million in infrastructure financing. The requests were presented in two letters signed by the Commissioner for Finance, Abayomi Oluyomi, and read by the Clerk, Adenike Oshinowo.

Speaker Mudashiru Obasa referred the requests to the Joint Committee on Economic Planning and Budget and the Committee on Finance for further examination, with a report due back to the House on Thursday. The first request involves authorizing Lagos’ participation in the Federation Account Allocation Committee Receivables Discounting Programme, aimed at providing immediate liquidity for critical infrastructure projects.

The second request seeks legislative approval for a N200 billion Series V bond under the N1 trillion Debt and Hybrid Instruments Issuance Programme, with proceeds funding projects like the New Massey Children’s Hospital and the Lagos Rail Mass Transit Line. Oluyomi assured the Assembly of the government's commitment to prudent financial management.