The Lagos State Government has raised N85.14bn in the Series 2 Bond Issuance for the purpose of improving physical and social infrastructure in the state. The Lagos State Commissioner for Finance, Mr. Akinyemi Ashade, was quoted in a statement on Monday as saying the bond was issued in two tranches as part of the N500bn third Debt Issuance Programme. The first tranche, N46.37bn issued at 16.75 per cent, would mature in August 2024, while the second tranche, N38.77bn issued at 17.25 per cent, would mature in August 2027, he added.

According to him, the N85.14bn Series II issuance was the largest bond issuance in the Nigerian capital market in the last four years and the second largest issuance ever. He said, “We value the reputation we have earned as the most responsible issuer in the Nigerian capital market and thank everyone who has worked with us to deliver a successful outcome.”