Lagos State, has redeemed N57.5 billion local currency bonds it issued seven years ago, it said.
Finance Commissioner Akinwunmi Ashade said the state was paying off its debts to create space for new issuance to raise funds for infrastructure investment. He said the state has saved more than N103 billion in a sinking fund to redeem bonds maturing in 2019, 2020 and 2023.
Lagos State, which accounts for around a third of Nigeria’s economic output, sold the bonds in 2010 to fund infrastructure projects, Ashade said. The state government redeemed N167.5 billion in bonds last year.
