The Lagos State Commissioner for Finance, Mr. Rotimi Oyekan, has said that there is an over subscription of N8.9bn on the just concluded N50bn Lagos State Government fixed rate bond meant to transform Lagos into Africa's model mega city.
Oyekan, who disclosed this during a press briefing on Wednesday, said that the amount represented 18 per cent increase on the N50bn.
He said that government would follow due process with respect to floated bond that exceeded its initial offer through applying to the relevant authorities for approval before such excess could be touched, adding that the fund from the bond would be predominantly used to provide infrastructure in the state.
The commissioner pointed out that raising funds through bonds was one of the ways to achieve the objective of rapid rehabilitation of existing infrastructure, building new ones and putting in place those essential structures that would ensure the eradication of poverty and promotion of sustainable economic growth in the society.
He added that the over subscription of the bond was a reflection of the people's acceptance of the present administration in the state under the leadership of Mr. Babatunde Fashola, SAN, adding that the acceptance was borne out of the government's people's oriented programmes and momentum at which infrastructure were being provided in the state.
The vote of confidence by Lagosians on the bond informed the need for government to show appreciation through thanking all citizens and residents of LagosState, he added.
Oyekan further pointed out that the over subscription of the bond was a testimony to the fact that the capital market, especially in Nigeria was still a veritable tool for investors to make profit, adding that the market would remain relevant as an avenue to raise funds for development purpose especially by reliable. punchng