Ambode signs bond deal with issuing houses
*Targets 900, 000 jobs by 2019
*Distributes Offer Letters To Beneficiaries Of Pilot Scheme
As part of efforts to improve physical and infrastructural base of Lagos State, the Government has issued the closing of its N47billion Third Debt issuance Programme yesterday.
The signing ceremony held at the Lagos house yesterday, where the state Government issued N47billion Series 1 Bond maturing in December 2023, under its N500billion Third Debt Issuance Programme.
He also stated that despite the continued challenges in the economy and difficult market conditions which have seen the last three Federal Government Bond auctions undersubscribed by an average 32 per cent, Lagos State sold some 80 percent of the bonds it offered at a 57bps spread to the sovereign.
Also, the State Government through the Lagos State Employment Trust Fund (LSETF) yesterday distributed offer letters to some beneficiaries of the pilot scheme of the N25 billion Employment Trust Fund (ETF), with a pledge to create at least 300, 000 direct and 600, 000 indirect jobs by 2019 through the initiative.
Speaking at the ceremony, Executive Secretary of LSETF, Mr. Akin Oyebode said the award of the offer letters was in fulfillment of one of the cardinal promises of the Ambode-led administration to set up a fund to drive the growth of the Micro, Small and Medium Enterprises (MSMEs) in recognition of their critical role as the engine of growth and leading creator of jobs in any economy.