6 February 2013

Nigeria: NSE Lists Lagos State N80 Billion Bond

The Nigerian Stock Exchange (NSE) last week listed the Lagos State of Nigeria N80 billion Bonds on its Daily Official List.

The bonds issue called Lagos State of Nigeria N80 billion 14.50 per cent Fixed Rate Bonds Series 1 due in 2019, is the third issued by the state that is currently on the official list of the exchange.

The N80 billion was raised by the Lagos State government through a bonds issuance following a similarly successful bonds issuance exercise.

The bonds are the first tranche of the N167.5 billion the state is sourcing under its second bonds series between now and 2019.

Governor Babatunde Fashola of Lagos State said the N80 billion would be expended on the completion of ongoing infrastructural projects across the state.

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.

According to him, the government explored the option of bonds to fund the infrastructure needs of the state in the face of limited funds.

He explained that taxes alone could not address the needs of the state, hence raising bonds was one of the sustainable ways of meeting some of these needs.

He assured that the money would be strictly tied to the specific needs that add value to the state's economy. '

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.

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