The Lagos State Government has officially launched the issuance of a N14.815 billion Green Bond, a bold step towards financing climate-resilient infrastructure and promoting sustainable development across key sectors, including health, environment, and housing.
Commissioner for Finance, Mr. Abayomi Oluyomi, made this disclosure at the ongoing 2025 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre in Alausa, Ikeja, where he presented the scorecard of the Ministry of Finance over the past year.
According to Oluyomi, the Green Bond has received formal certification from the Climate Bond Initiative, underscoring the government’s commitment to environmental responsibility and global sustainability standards. He added that the proceeds from the bond would be strategically deployed to fund critical projects in sectors such as health, environment, and housing.
“This Green Bond is a landmark achievement for Lagos State. It reflects our dedication to financing sustainable projects that directly impact lives while maintaining fiscal responsibility. It is also important to note that Lagos has never defaulted on its debt obligations – a record we intend to maintain”, Oluyomi said.
Highlighting other achievements of the Ministry in the period under review, the Commissioner revealed that the state had digitised the registration of service providers, streamlined security and payroll verification processes, and implemented technology-driven revenue and expenditure tracking systems. These reforms, he said, have significantly reduced leakages and enhanced the accuracy and transparency of government transactions.
“The strategic use of technology in our financial processes is helping us optimise spending and ensure that every naira is accounted for. This is critical in a mega-city like Lagos, where the demand for infrastructure and public services is growing rapidly”, he said.
Looking ahead, Oluyomi outlined key initiatives expected to be launched in the second half of 2025, including the Lagos State Sovereign Wealth Fund, the Lagos Economic Summit Group, and the establishment of revenue courts to enhance tax compliance and boost internally generated revenue.
He also noted that the Ministry had embarked on the conversion of idle state assets into liquid financial instruments through securitisation, a move designed to unlock capital for infrastructure development.
Despite prevailing global economic headwinds, Lagos, Oluyomi said, had recorded a notable improvement in its Gross Domestic Product (GDP), a testament to the resilience and strength of the state’s economic management strategy.
In closing, the Commissioner urged residents and businesses in the state to continue fulfilling their civic obligations by paying their taxes promptly. “Our ability to meet our development goals is directly tied to the support we get from the people. Regular tax payment ensures continuity and sustainability of our ambitious infrastructure projects”, he emphasised.
The launch of the Green Bond positions Lagos as a leader among sub-national entities in Africa embracing innovative financing for sustainable urban development, an initiative that could set a new benchmark for other states across the country.
