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LSHA APPROVES SANWO-OLU’S ₦85BILLION REQUEST FOR SPECIAL DISPENSATION, BOND REDEMPTION / BRIDGE TO BOND FINANCING PROGRAMME


Olowo
LSHA APPROVES SANWO-OLU’S ₦85BILLION REQUEST FOR SPECIAL DISPENSATION,BOND REDEMPTION / BRIDGE TO BOND FINANCING PROGRAMME
AJAGBE ADEYEMI TESLIM (IKEJA)
SPONSORED BY: H&H

Obasa and Sanwo-Olu
Pursuant to the approval of Bonds, Loans and other Security Law of Lagos State 2015, The Speaker of the Lagos State House of Assembly, Rt. Hon. (Dr.) Mudashiru Obasa has approved Mr. Babajide Sanwo-Olu’s request for approval of ₦ 85Billion special dispensation for bond redemption \ ₦85 billion for bridge loan for a quarter at 9.25% per annum to bond financing programme.
It would be recalled that the House at its Plenary session of Monday, 24th May, 2021 deliberated on the above request received from the executive arm and submitted the same to the Committee on Finance for critical examination and to report its findings to the House.
The Chairman of the Committee on Finance, Hon. Rotimi Olowo stated that the terms of reference appraise the request for a special dispensation; enquire into the debt profile of the State and ascertain the source of the fund for repayment and refinancing. Adding that Mr. Rabiu Olowo, Commissioner for Finance brought to mind the long collaboration between the executive and the House of Assembly in 2016 to the floating of 500 billion bond programme.
Hon. Olowo explained that based on briefing and documents received, the redemption of bonds will allow for extension of maturity of the same with a two years moratorium in 2031 and the special dispensation approval will enable the State earmarks for capital projects.
