ICYMI: Assembly approves Lagos govt’s request to take-over LCC | The Guardian Nigeria News - Nigeria and World News
The House made the resolution sequel to the presentation of the Committee on Finance’s report during its plenary yesterday.
Chairman of the committee, Rotimi Olowo, said upon the buy-out of all shares of the LCC by the government, Lagos State would become the subsisting shareholder of the LCC with 75 per cent shareholding and the Office of Public Private Partnerships with 25 per cent shareholding.He added the original $53.
It also authorised the state government to issue a counter-guarantee in favour of the Federal Government along with an Irrevocable Standing Payment Order to deduct from Lagos State government statutory allocations. While debating on the report before the initial approval, Gbolahan Yishawu, representing Eti-Osa II, supported the recommendation, saying: “It was a smart move as the interest rate would not injure the state’s spending on capital expenditure.
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