Thursday, 23 May 2013

Lagos To Float 35 Billion Naira Bond

The Lagos state government has announced plans to float a Bond Issuance Programme of thirty-five billion naira in the third quarter of this year. 

The Commissioner for Finance, Adetokunbo Abiru who made known in Alausa said the bond would be mainly for the execution of infrastructural projects.

Abiru said the state Consolidated Debt Service Account for the payment of interest and principal on the Bond Issuance Programme, currently has a credit balance of sixty-eight-point-two billion naira.

He explained that the Enforcement Strategy on land Use Charge had been very effective, and while charges collected are shared quarterly between the state and local governments on agreed proportions.

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