Rating Release

Agusto & Co. hereby affirms the “Aa” rating assigned to the Lagos State Government’s (“Lagos State”, “LASG”, “the Issuer” or “the State”) ₦137.3 Billion Series IV 10-Year 13% Fixed Rate Bond Due 2031 (“Series IV”, “the Issue” or “the Bond”).

The rating expires on 30 September 2026. 

Agusto & Co. hereby affirms the “Aa” rating assigned to the Lagos State Government’s (“Lagos State”, “LASG”, “the Issuer” or “the State”) ₦137.3 Billion Series IV 10-Year 13% Fixed Rate Bond Due 2031 (“Series IV”, “the Issue” or “the Bond”). The rating reflects the State’s robust capacity to service the Bond obligations, supported by monthly contributions of ₦1.38 billion from its internally generated revenue (IGR) and ₦1 billion under an Irrevocable Standing Payment Order (ISPO) from its share of centrally collected revenue (statutory allocation) into a dedicated Sinking Fund Account.