LAGOS OKAYS RESTRUCTURING OF LCC LOAN FACILITY


The Lagos State Executive Council on Wednesday, approved the restructuring of the Lekki Concession Company, LCC, Loan Facility provided by local and international lenders.

A statement by the Commissioner for Information and Strategy, Mr. Steve Ayorinde, explained that it has paid a total of N9.8billion in full and final settlement of LCC's indebtedness to its international lender, which granted a 21.16 per cent haircut (reduction) to the state.

He said as a result, a sum of N3.15billion was saved.

According to Ayorinde, “Local lenders, whose interest rate was 18.5 per cent at the consummation of the facility, offered a 12 percent haircut and also fully paid with a restructured loan at 13.5 percent, thereby, creating a savings of N8.7billion for the government.

“The State Government is committed to continue to deploy appropriate public finance management principles to ensure adequate provision of infrastructure to all Lagosians.”

In a related development, the state's Commissioner for Finance, Dr. Mustapha Akinkunmi, urged citizens to continue to pay their taxes as at when due, stating that more facilities are being provided by government through the tax payers' obligation to government.

SOURCE: THE VANGUARD