Gov. Babatunde Fashola of Lagos State on Thursday signed a deal with an investment company, Chapel Hill Ltd., to raise N80 billion bonds to complete ongoing projects.
Fashola signed the deal at the Completion of Board meeting held in his office, Ikeja.
He said that government explored the option to fund the infrastructure needs of the state in the face of limited funds.
Some of the ongoing projects included the expansion and reconstruction of the Lagos-Badagry expressway, the light rail and ferry terminals across the state.
The others are construction and completion of health institutions such as Ayinke House at the Lagos State University Teaching Hospital and Maternal Healthcare Centers across local governments.
He noted that taxes alone could not address the unending needs of the state, saying raising bonds was one of the sustainable ways of meeting some of these needs.
He promised that the money would be strictly tied to the specific needs that add value to the state's economy, saying that the state had continued to offset its debts from previous bonds.
"This is a serious undertaking that imposes huge responsibilities on us. I have responsibilities to the people and those responsibilities have not stopped.
"I have to borrow to do what I have to do," he said.
Fashola said the government would continue to pursue programmes that would impact on the lives of residents, urging them to cooperate with government by paying their taxes promptly.
The members of the State Executive council, officials of Chapel Hill, investment experts were present at the meeting.