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Lagos Assembly grants Governor’s N80bn bond request conditional approval


The Lagos State House of Assembly, yesterday, gave approval in principle to the request of Governor Babatunde Fashola for budget re-ordering to enable him augment the state’s bond issuance from N50 billion to N80 billion.

The budget re-ordering makes provision for World Bank Development Policy Operations, DPOs, from N30billion to be re- ordered to bond issue.

However, the House similarly, requested that it should be furnished with the debt profile of the state (both foreign and local) including outstanding liabilities before it eventually accedes to the governor’s request.

The House, while considering the recommendation of the Committee on Budget as presented by the Chairman, Hon. Mudashir Obasa, approved that the DPO of N30 billion be included in the Year 2012 appropriation law, thereby increasing the total bond issue to N80billion while the budget size remains N491 billion.

The House approved the re-ordering of Year 2012 budget of the House of Assembly.


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