Lagos raises N85bn bond to fund development projects

Lagos State has raised N85.14 billion ($271 million) in seven and 10-year bonds to fund infrastructure and environmental projects, its Commissioner for Finance, Akinyemi Ashade has said.

According to Ashade, the bond consists of N46.37 billion seven-year debt at a 16.75 per cent rate and N38.77 billion via a 10-year paper with 17.25 per cent interest.

Ashade said The issue is the third tranche of a N500 billion debt programme approved by the state House of Assembly last year and was sold through book building.

-DAILY TIMES

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