The Lagos State Government is seeking legislative approval for two significant funding initiatives aimed at enhancing infrastructure development.
On Tuesday, the Lagos State House of Assembly received requests from the Commissioner for Finance, Mr. Abayomi Oluyomi. The first request involves participation in the Federation Account Allocation Committee Receivables Discounting Programme, while the second seeks approval for a ₦200 billion bond issuance under a larger debt issuance program.
Lagos State Seeks Approval for Infrastructure Financing
The Lagos State House of Assembly is considering two funding requests to support critical infrastructure projects. The first request aims to authorize the state’s participation in the Federation Account Allocation Committee Receivables Discounting Programme. This initiative is designed to provide immediate liquidity by leveraging future FAAC allocations.
The second request involves a proposed ₦200 billion Series V bond issuance. This bond is part of a ₦1 trillion Debt and Hybrid Instruments Issuance Programme, intended to finance priority projects across the state.
Lagos State: Key figures on Infrastructure Financing
- ₦200 billion Series V bond issuance
- ₦1 trillion Debt and Hybrid Instruments Issuance Programme
Funding Requests Under Review by Committees
The Speaker, Rt. Hon. Mudashiru Obasa, has referred both requests to the Joint Committee on Economic Planning and Budget and the Committee on Finance. These committees are tasked with a detailed review and are expected to submit their reports to the House on Thursday.
The House will consider the recommendations from these committees before making a final decision on the funding requests.
Next Steps for Lagos State Funding Initiatives
- Committees to submit reports on Thursday
- House to consider recommendations before final decision
Lagos State is taking decisive steps to secure funding for essential infrastructure projects.
