We’ll be prudent with N115bn Bond — Sanwo-Olu

GOVERNOR Babajide Sanwo-Olu of Lagos State, yesterday, assured residents of his administration’s commitment in ensuring financial prudence and responsibility for continued infrastructural developments of the state.

Sanwo-Olu gave the assurance during the signing of the N115 billion 10-year 15.25 per cent Series 1 Bond issuance due 2033, and the N19.815 million seven-year 14.675 per cent Fixed Return Forward-Ijarah Lease Sukuk due 2030, under the N1 trillion debt and hybrid issuance, held at Lagos House, Alausa, Ikeja.

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Sanwo-Olu said the proceeds from the issuance would be utilized to finance priority projects aimed at improving the state’s infrastructure and fostering economic growth, in line with the state’s ‘THEMES’ Agenda.

His words: “Today is another significant day in Lagos State, with us reaching another milestone in our commitment to deliver infrastructural, economic, and societal progress to the people of our great and excellent State. As I renew my mandate in the coming days, these two issuances – which we will be allotted today – will provide the impetus for my administration to further drive our THEMES agenda.

“Proceeds from the Bond and Sukuk will enable various MDAs – including the Ministry of Energy and Mineral Resources, the Ministry of Agriculture, the Office of Drainage and Water Resources – to execute respective projects that have been pre-inspected by the Securities and Exchange Commission.’’

The governor stressed that the proceeds from the issuances would not only drive infrastructure development, but also stimulate economic growth, foster job creation, and enhance the quality of life for all residents.

“Our objective is to create an environment that attracts local and foreign investors, spurring economic activities that will benefit every citizen of Lagos State.”

Source: VANGUARD

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