How Proceed From N100bn Bond Was Spent – DMO

442 views | Francis Azuka | February 25, 2021

The Permanent Secretary, Lagos State Debt Management Office (DMO), Mr. Olujimi Ige, has disclosed that funds accessed by the State Ministries, Departments and Agencies from the proceeds of the N100bn Bond issued in January 2020, were used for developmental and capital projects across the State.

Commenting on the Bond issued early last year by the State government, Mr. Ige added that some of the projects embarked upon by the MDAs across the State are nearing completion, noting the capital projects cut across different sectors including Health, Education, Works, Housing, Drainage and Agriculture amongst others.

Ige also revealed that significant progress has been made on many of the projects and are, therefore, expected to be commissioned this year to ameliorate the social and economic conditions of Lagosians.

According to the Permanent Secretary, part of the mandate of the Debt Management Office is to monitor the utilisation of the Bond proceeds and ensure that the funds are optimally used for the designated projects, while also preparing and submitting reports of the monitoring exercise to relevant agencies.

He listed some of the projects for which the proceeds from N100bn Bond were utilised to include the Pen Cinema Flyover, Agege; Lekki Regional Road Construction, Lekki; Reconstruction of Lagos-Badagry Dual Carriage Expressway, Badagry; Rehabilitation of Oba Sekumade Road, Ikorodu and Rehabilitation of Olusosun, Solous and Abule Egba Landfills.

Others are the construction of Watch Towers at Lagos State Civil Service Model College, Igbogbo and Lagos State Girls Model College, Agunfoye, Ikorodu; Construction of Ojo General Hospital and Spinal Neurology Centre, Ojo; Development/Renovation of Healthcare Facilities; Equipping and Furnishing of MCC, Epe; Building of the New Massey Children’s Hospital, Lagos Island; Channelisation/Dredging of two waterways from Ikorodu to Falomo and Ojo-Badagry-Apa routes to mention a few.

While emphasizing the importance of the projects to the wellbeing and benefit of Lagosians, the Permanent Secretary urged the MDAs to ensure timely completion of the projects.

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