 The legacy governor of Ajit Somolu has declared that his government will invest more in education, health and roads with proceeds from its 10 and 7 years bond and Sukkuk issuance. The governor gave the assurance at the agreement signing ceremony of the 115 billion Naira 2023 bond issuance at 15.25 percent interest rate between the state government and Chapel Hill Dunham, the land issuance or the lead issuance house. The government also signed a 7-year 19.815 billion Naira Sukkuk issuance at 14.675 percent interest with Lotus Capital, the leading issuance house. Speaking at the ceremony, Governor Somolu promised that the proceeds from the bond will be used judiciously. The proceeds of the bond and the Sukkuk will enable various ministries and MDAs including Ministry of Energy and Mineral Resources, the Ministry of Agriculture, the Office of Drainage and Water Resources, the Ministry of Works and Infrastructure, the Ministry of Education, the Ministry of Health and the Ministry of Waterfronts to execute respective projects that have been pre-inspected by the Securities and Exchange Commission and of course by our issuing houses. Some of the projects just so to mention a few. For example, in education, there's a school, there's a neighborhood in Ajegune called Tolu. Tolu alone has 33 public schools. Tolu needs a complete overhaul. Tolu has 33 schools in one whole complex. So you can imagine there are many heads, how many children that needs to be given first class educational environment. Tolu School will be one of the major things that these proceeds will be used for. The Commissioner for Finance, Rabiu Loho, said the administration has made standard financial decisions in the last four years which have saved the state over 20 billion error in debt. He said it was also a demonstration of trust in the investors have in the state government. The Chief Executive Officer, Chapel Hill Denham, Polaji Balogun, who was represented by Kemi Ashide, said Lagos State has demonstrated its status as the longest issuant state. This issuance demonstrates Lagos State's status as a category A issuer and is a resounding proof of the trust and faith that investors have in the state's ability to responsibly deploy proceeds to deliver on the government's themes agenda. The transaction reflects the resilience and the depth of the domestic capital market with Lagos State being able to rely on its quest to build a greater Lagos for generations to come. We do not take the support of the market for granted and we are most grateful for the support we received at each issuance. Lagos State has further demonstrated its status as the largest subnational issuer in Nigeria. The aggregate of the 115 billion bond and the 19.8 billion to cook aggregates to 134 which creates as the Commissioner for Finance has said the second largest issuance by a subnational. The first again was done by Lagos State. Lagos State has also continued to demonstrate its discipline. It's noteworthy and my colleagues in the capital market will recognize this that Lagos raised 134 billion in 14 days. The project will ultimately reduce travel time, alleviate traffic congestion, enhance safety and security along the expressway and create job opportunities. The Sukuk therefore represents a powerful tool that will enable Lagos State to mobilize resources and direct them towards critical infrastructure. It embodies the government's vision to build a stronger, more resilient and inclusive society. It's essential to acknowledge that this achievement was not attained without tremendous dedication. It is the result of meticulous planning, thoughtful deliberation and expert execution. Hello, hope you enjoyed the news, please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.