Lagos to issue N125bn bond for capital projects
The Lagos State Government has announced it is currently in the process of accessing the capital market to issue up to N125bn bond.
A statement from the office of the Permanent Secretary, Debt Management Office, Mr Olujimi Ige, disclosed that the Series IV Bond Issuance is expected to fund various projects and replace the recalled bonds.
The state had earlier in the year made an early redemption of N47bn, N46.3bn and N6.9bn bonds under the Programme 2 Bond Issuance to achieve significant future cost savings on its debt service obligation.
According to Ige, the N100bn bond issued in January 2020 was listed on the Nigerian Exchange Limited and FMDQ Exchange.
“It has given greater visibility to the State, ensured transparency as well as increased bondholders confidence. It has also enhanced the state’s ratings and increased awareness of investors to the state’s bond issuance programme,” Ige said.