The Lagos State government has achieved a significant milestone by raising N134.8 billion through long-tenure bonds. These funds will be instrumental in supporting various infrastructure projects, with a particular focus on the electricity sector and other critical areas.
Governor Babajide Sanwo-Olu took to his official Twitter account on Tuesday evening to announce a significant achievement for the Lagos State government. The successful issuance of long-tenure bonds has resulted in the raising of N134.8 billion. These funds will play a crucial role in driving infrastructure development, boosting economic growth, creating job opportunities, and improving the overall quality of life for the residents of Lagos.
The governor expressed his gratitude to the investors who demonstrated their belief in the city’s potential and their confidence in the government’s responsible utilization of the funds. He assured them of the administration’s commitment to transparency and prudent financial decision-making, with the ultimate goal of building a better Lagos for future generations. Governor Sanwo-Olu emphasized that this investment will have a positive impact on both the short-term and long-term development of key sectors in Lagos, including education, electricity, roads, and agriculture.
The transaction instruments for the first sets of allotment in the N1 trillion Debt and Hybrid Issuance Programme were signed, including a 10-year tenure bond and a Shariah-compliant Sukuk. These instruments will provide the necessary funding for various pre-inspected projects, as approved by the Securities and Exchange Commission. Some of the projects that will be executed with the proceeds include the overhaul of 33 public schools in Ajegunle, road infrastructure improvements along the Lekki-Epe corridor, drainage works, and more. This achievement marks another milestone for the city in accessing capital market funds and signifies its commitment to advancing critical infrastructure development.