Lagos to borrow N60 billion this week, plans another N100 billion in 2017

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The Lagos State government has concluded an arrangement to return to the capital market this week to float a N60 billion bond from its pool of N500 billion approved by the state House of Assembly recently. It also plans another tranche of N100 billion for next year.

The Commissioner for Finance, Mr. Akinyemi Ashade, said the state would be going to the market in a couple of days as the Security and Exchange Commission (SEC) had already concluded the verification of projects that the fund would be used for. At a combined Annual General Meeting (AGM) of the state bond series and rating programme at the weekend, the commissioner said: “SEC is already in the state, checking some of those projects to authenticate them. They finished their inspection on Friday and we hope that their report would go in by next week, so that we can open.”

According to Ashade, the state government needs to do deficit financing of the execution of some of its infrastructure needs to fast-track the execution of projects and give Lagos residents the best.

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