The Lagos State Government has sought the approval of the State House of Assembly to raise a N200 billion bond to finance critical infrastructure projects across the state.

The request was contained in separate letters presented by the Commissioner for Finance, Abayomi Oluyomi, and read during Tuesday’s plenary, according to the News Agency of Nigeria.

The proposed bond is part of Lagos State’s N1 trillion Debt and Hybrid Instruments Issuance Programme and will fund priority projects, including the New Massey Children’s Hospital, Lagos Island General Hospital, the Lagos Rail Mass Transit Line, Omu Creek Bridge and other strategic infrastructure projects.

Commissioner for Finance Abayomi Oluyomi sought the State House of Assembly’s approval for the N200 billion Series V bond, saying the proceeds would be used to finance critical infrastructure and other capital projects across the state.

The request was contained in one of two letters presented to the House during Tuesday’s plenary.

“The Lagos State House of Assembly on Tuesday received two requests from the state government seeking legislative approval for a proposed N200 billion bond issuance and FAAC-backed initiative to finance infrastructure”

“The requests were contained in separate letters from the Commissioner for Finance, Mr. Abayomi Oluyomi, and read during plenary by the Clerk of the House, Mrs. Adenike Oshinowo, before lawmakers,” the statement read.

The commissioner said the projects earmarked for funding include the New Massey Children’s Hospital, Lagos Island General Hospital, the Lagos Rail Mass Transit Line, Omu Creek Bridge and other strategic infrastructure projects.