By Ebun Sessou, Damilola Olabiyisi & Obinna Mbajunwa

THE Lagos State House of Assembly has approved the sum of N500 billion bonds for the state government spanning between 2016 and 2019.

Presenting a report during plenary, yesterday, the Chairman of an adhoc committee set-up by the House on the matter, Oluyinka Ogundimu informed the House that the Bond was necessary for the development of the state and would be repaid through 23 percent of the state’s Internally Generated Revenue.

He added that all necessary plans are being made to ensure that the money is judiciously spent for the purpose meant for.

On his part, Chairman of the House Committee on Budget and Economic Planning, Rotimi Olowo said the bond would assist in the infrastructural development of the state.

Olowo said: “If the bond is geared towards development, it will open Lagos State to other parts of the world and generate more employments 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.”

The request was also supported by other lawmakers including Jude Idimogu, Hon. Olanrewaju Ogunyemi, the Deputy Speaker of the House, Mr. Wasiu Sanni Eshinlokun, amongst others.

In his remarks, Speaker of the Assembly, Mr. Mudashiru Obasa reiterated the fact that the bond would help develop the state and ensure adequate infrastructural development of the state.