The Lagos State Government says it has paid the total sum of N141.59bn to bond holders in its various fixed rate bond programmes.

It explained that the bonds were the Lagos State’s N80bn Fixed Rate Programme 2, Series 1, floated in 2012 with a maturity date of 2013; N87.5bn fixed rate programme 2, Series 2, floated in 2013 with a maturity date of 2020; and N47bn fixed rate programme 3, Series 1, floated in 2016 with a maturity date of 2023.

The figures were revealed on Tuesday at the 5th Annual General Meeting between the Lagos State Government and bond holders at the Civic Centre, Victoria Island.

The Commissioner for Finance, Akinyemi Ashade, told the gathering that for the N80bn fixed rate programme 2, Series 1 bond, the state government as of September 2017 paid N76.17bn bond holders out of the N97.43bn contributed to the bond, leaving a balance of N30.34bn invested in fixed income and treasury bills.

He added that in the N87.5bn fixed rate programme 2, Series 2 bond, N61.44bn was paid to bond holders out of the N75.91bn contributed by the government, leaving a balance of N18.49bn invested in fixed income and treasury bills.

He further stated that in the N47bn fixed rate programme 3, Series 1 bond, floated last year, N3.9bn had been paid to bond holders out of N4.2bn as of September 2017, leaving a balance of N229.7m.

Ashade said, “The various bonds had been used to upscale infrastructural development in the state in the areas of roads and bridges construction, water transport and health.

“$50bn is needed to address infrastructural deficits and this is why the government floated bonds to bridge the gap. Two bridges had been constructed with the proceeds from the bonds while major infrastructure has been upgraded across the metropolis.”

The commissioner added that the state government was looking for ways to increase its revenue.