Lagos State Government has successfully completed the restructuring of its N167.5billion Programme II, Series 1 and 2 Bonds.

The State Commissioner for Finance, Mr. Akinkunmi Mustapha, said this on Wednesday, adding that the restructuring was approved by the Securities and Exchange Commission (SEC) last week.

According to him, the transaction will generate savings in excess of N40billion for the State over the next five years. “We thank all our bond creditors for their continued support of the State Government, in a difficult market environment.

This restructuring completed entirely through domestic capital markets, once again underpins the strength of the Lagos State credit story.

“Aside the significant cash savings generated, it also creates additional borrowing capacity to enable the state continue its investments in physical, economic and social infrastructure.

“Much of the significant progress in Lagos State over the last 16 years can be attributed to funding through the debt capital market.

Our bondholders’ support of this restructuring confirms the level of confidence the market has in the current administration and Lagos State did not partake in the recent bail-outs provided either by the Federal Government DMO or the Central Bank of Nigeria (CBN),” the Commissioner said.

He said the Chapel Hill Denham acted as Financial Adviser to the Lagos State on the restructuring transaction.