Lagos State House of Assembly has approved N500 billion bond for the Governor Adewunmi Ambode administration for between 2016 and 2019 to improve infrastructure.
The Chairman of an ad hoc committee set-up by the House on the matter, Oluyinka Ogundimu, in a report during the plenary yesterday, informed other lawmakers that the bond was necessary to bring about growth.
Ogundimu, who said the bond would be repaid through 23 per cent of the state internally generated revenue, added that the necessary plans were being made to ensure that the money is judiciously spent for the purpose it meant for.
In his contribution, Chairman of the House Committee on Budget and Economic Planning, Rotimi Olowo, stated that Lagos is the future of Nigeria and that the bond would assist in infrastructural growth.
Olowo said: “If the bond is geared towards development, it will open Lagos State to other parts of the world and generate more employment for the people.
“We have enough to take care of the bond. By 2019, Nigeria would be out of recession and Lagos would be better for it.”
For Gbolahan Yishawu, Lagos has always been at the forefront of development, adding that the bond is meant to increase spending and develop the state.
The request was also supported by other lawmakers, including Jude Idimogu, Olanrewaju Ogunyemi, the Deputy Speaker, Wasiu Sanni Eshinlokun and others.
The Speaker, Mudashiru Obasa, reiterated that the bond would help develop the state and ensure adequate infrastructural development.
