The Lagos State government has raised a total of N137.3b from bond sales to finance infrastructure in the state.
The ten-year bond matures in 2032 and has a coupon rate of 13 percent, the government announced on Tuesday.
While the government set out to raise N125billion from the capital market the offer was oversubscribed with the bids closing at N137.3billion, following oversubscription.
Speaking in Lagos on the bond sale, governor Babajide Sanwo-Olu said the response of the investors to the bond offer was a testimony to the confidence of the investors in the ability of the state government to provide infrastructure in the state to support the socio-economic development of the state.
The governor declared the fund raised from the bond sale would be used to fund some key infrastructure projects in areas such as healthcare, environment and road construction. These include the 10-km Regional Road in Eti Osa, six-lane Lekki-Epe Expressway, Ijeododo Road in Alimosho, and Oba Sekumade Road in Ikorodu, among others.
