January 05, 2016 – Lagos State Government has said it intend to raise N43 billion from the bond market as part of effort to finance a deficit of N119.714 billion in the N662.588 billion budget of 2016.
Commissioner for Finance, Mr. Mustapha Akinkunmi who made the revelation during a budget breakdown session in Lagos said the balance will be funded through external loans including World Bank, DPO 3 loan which could not be accessed in 2015.
Lagos State already has an outstanding debt of N418.203 billion which he said was carried over from the previous government. It also has a Consolidated Debt Service Account which stands at N47.8 billion.
Also speaking, Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade said Lagos hopes to generate N419.826 billion as Internally Generated Revenue(IGR), which is about 77 percent of the total budget.
From this sum, the Lagos Internal Revenue Service(LIRS) will generate N300 billion which is 78 of percent of the total IGR expected for 2016.
