LAGOS, JUNE 29, 2016 – The Lagos State Government on Wednesday approved the restructuring of the Lekki Concession Company (LCC) loan facility provided by local and international lenders.
This is contained in a statement issued by the state’s Commissioner for Information and Strategy, Mr Steve Ayorinde.
Ayorinde said that the state government paid a total of N9.8 billion in full and final settlement of LCC’s indebtedness to its international lender which granted a 21.16 per cent reduction to the state.
He said as a result, a sum of N3.15 billion was saved.
Ayorinde said that in addition, local lenders, whose interest rate was 18.5 per cent at the consummation of the facility, offered a 12 per cent haircut and also fully paid with a restructured loan at 13.5 per cent.
The commissioner said that this thereby created a savings of N8.7 billion for the government.
Ayorinde also reiterated the state government’s commitment to continue to deploy appropriate public finance management principles to ensuring adequate provision of infrastructure to all residents.
