Lagos State Government
yesterday signed a financial deal with Chapel Hill Limited, lead issuing
house, with the aim of raising N80 billion through bond, which will be
channeled towards infrastructural renewal in the state.
The sum is the highest ever by any state
government through bond issuance and represents the first tranche of
the total N167.5 billion the state is sourcing under its second bond
series (by way of a book build) between now and 2019.
It is also the fourth time the state is raising funds via bond issuance to drive its infrastructural development.
The total sum is to be invested in
infrastructural development which the Governor Babatunde Fashola led
administration intends to focus on in the 2013 fiscal year.
Amongst the ongoing projects to which
the Bond will be channeled to include the expansion and reconstruction
of the Lagos-Badagry Expressway, Blue line rail corridor, ferry
terminals in parts of the state to boost water transportation,
construction and completion of health institutions such as Ayinke House
within the Lagos State University Teaching Hospital (LASUTH), Maternal
Healthcare Centres among others.
State Governor, Mr. Babatunde Fashola
who addressed State House Correspondents shortly after the completion of
the board meeting for the deal at Lagos House, Ikeja, which attracted
financial houses and stock broking firms, assured stakeholders that the
money would be tied to specific projects that add value to the state
economy.
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