In the meantime, the Lagos State House of Assembly has approved a three-year N500 billion bond for the state government spanning 2016 to 2019.
The approval followed the presentation and adoption of a recommendation by the Ad hoc Committee constituted by the house on the bond. Presenting the report, Chairman of the committee, Yinka Ogundimu, informed the lawmakers that the bond was necessary for the development of the state and that necessary plans had been put in place to ensure that the money was judiciously spent for the purpose it was meant for.
Ogundimu, who is also Chairman of the House Committee on Finance, added that the bond will be repaid through deduction of 23 per cent of the state’s internally generated revenue.
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