The Lagos State House of Assembly has approved N500 billion Bond request made by the state government for the period of 2016 and 2019.
The Bond request was approved shortly after the presentation of a report of a 6-man Ad-hoc committee set up by the house to seek clarification on the purpose of the bond.
While reeling out the submissions of the committee Chairman of the committee Yinka Ogundimu says the bond was necessary for the development of the State and would be repaid with 23% of the state’s Internally Generated Revenue.
Other lawmakers are also confident that the bond would stimulate investment in the state and would spare the state from the economic recession the country is currently faced with.
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