Government saves N100.73bn for debt repayment

Monjola Sotubo 15:19 - 30 April 2015

Lagos State Governor, Babatunde Fashola

The states was able to set aside the funds after fine-tuning its financial strategy in order to ensure that the funds it had borrowed were repaid.

The Lagos State Government has gathered a sum of N100.73bn in savings in order to pay off its debts.

This was disclosed on Wednesday, April 29, 2015 by the Commissioner for Finance, Ayo Gbeleyi.

“Fifteen per cent of the monthly Internally Generated Revenue is transferred to a Consolidated Debt Service Account, managed by independent trustees, with N100.73bn accrued in sinking fund reserve for repayment of outstanding issues, while coupons are serviced regularly,” he said

Gbeleyi also said that the government had gotten the approval of the Lagos State House of Assembly to buy-back the Lekki-Epe Expressway for N15bn.

He said further that the state government had decided to cancel the initial planned third toll plaza on the road due to complaints from residents.