LASG SEEKS ASSEMBLY BACKING FOR N200BN BOND, $17M FUNDING

The Lagos State Government (LASG) has formally requested the Lagos State House of Assembly’s approval to raise N200 billion through a domestic bond issuance and secure $17 million in additional development funding.

The request was presented on Wednesday by the Commissioner for Finance, Mr. Abayomi Oluyomi, during a plenary session.

According to government officials, the funds will be channelled into critical infrastructure projects, including road construction, transportation systems, healthcare facilities, education, and urban renewal initiatives.

Governor Babajide Sanwo-Olu’s administration described the proposed borrowing as strategic and sustainable, aimed at accelerating the state’s development agenda without compromising fiscal prudence.

Speaker of the House, Rt. Hon. Mudashiru Obasa, assured that the Assembly would diligently scrutinise the proposal to protect the state’s financial future.

“We will not approve any borrowing without ensuring value for money and clear repayment plans,” Obasa stated.

The move is part of Lagos’ ongoing efforts to bridge infrastructure deficits and position the state as a leading economic hub in Africa.