Lagos State House of Assembly has received two funding requests from the Lagos State Government seeking legislative approval for infrastructure financing initiatives aimed at accelerating development across the state.

The requests were conveyed in separate letters from the Commissioner for Finance, Abayomi Oluyomi, and read on the floor of the House by the Clerk, Adenike Oshinowo.

Speaker of the House, Dr Mudashiru Obasa, referred both requests to the Committee on Economic Planning and Budget and the Committee on Finance for further scrutiny.

The committees were, however, directed to report their findings to the House on Thursday.

The first request sought the Assembly’s resolution authorising Lagos State’s participation in the Federation Account Allocation Committee (FAAC) Receivables Discounting Programme under the Lagos State Infrastructure Finance Fund.

According to the letter, the programme is designed to provide immediate liquidity for the state by leveraging future FAAC allocations to finance critical infrastructure and capital projects.

Oluyomi explained that the initiative would enable the state to access third-party funding estimated at about $17 million for developmental projects.

He stated that the government’s participation in the programme requires a formal resolution of the House of Assembly, stressing that the approval would facilitate the implementation of key infrastructure initiatives across the state.

In the second request, the commissioner sought legislative approval for Lagos State’s proposed N200 billion Series V Bond issuance under its N1 trillion Debt and Hybrid Instruments Issuance Programme.

He said that the state had consistently relied on the debt capital market to secure funding for major infrastructure and social development projects aimed at driving economic transformation.

The proposed bond, according to the letter, would also finance several high-impact projects, including the New Massey Children’s Hospital and Lagos Island General Hospital, the Lagos Rail Mass Transit Line, the Omu Creek Bridge, and other strategic infrastructure across the state.

Oluyomo, therefore, urged the lawmakers to adopt the proposed resolutions to enable the state government to proceed with the necessary arrangements to access the capital market, assuring the House of the state government’s commitment to prudent financial management and sustainable infrastructure development.