Lagos State Government Requires $30 Billion For Projects In 5 Years

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The Governor of Lagos State Mr. Akinwunmi Ambode has said his State will required huge injections of capital in order to meet its infrastructure targets for the next five years.

He said no less than $30bn to address her challenges. The governor, who spoke on Monday shortly before inaugurating a 12-member Lagos State Economic Advisory Committee at the Lagos House, Ikeja, said the projected figure represented about $6bn per annum.

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The provision for capital projects in the Lagos State Government 2017 budget was pegged at N500bn. Governor Ambode stated that the projection is proof that the government on its own will be incapable of addressing the infrastructure deficit in Lagos.

Ambode sid:

“Lagos is the fifth largest economy in Africa; we must create some kind of platform that will allow some other people, who are outside, to tell us how to run a country in a state.”

“Our 2017 budget has earmarked about N500bn (about $1.6bn) as capital spending, whereas our recent infrastructural needs analysis shows that over $30bn will be required to achieve the 30 most impactful projects for the state over the next five years – an average of $6bn per annum.”

“It is evident that the government cannot address this from current resources. A key task of this committee is therefore to provide specific advice on the overall finance strategy to bridge the massive infrastructure gap”

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The Lagos State Economic Advisory Committee inaugurated comprises of renowned economist and founder of Agusto & Co, Mr. Olabode Agusto, who will serve as the chairman, while commissioners for Finance, Mr. Akinyemi Ashade; Commissioner for Energy and Mineral Resources, Mr. Olawale Oluwo; and Commerce, Industry and Cooperatives, Mr. Rotimi Ogunleye are members of the committee.

Other members include a former Managing Director, Skye Bank, Mr. Kehinde Durosinmi-Etti; a former Country Senior Partner, PwC, Mr. Kenneth Igbokwe; founder, Bestman Games Limited, Mrs. Nimi Akinkugbe; Managing Partner, Dalmeida, Ogunlana & Co, Mrs. Adenike Ogunlana; Managing Director, Vetiva Capital, Dr Laolu Mudashiru; a former Minister of Science & Technology, Mrs. Omobola Johnson; Deputy Managing Director, Wema Bank Plc, Mr. Moruf Oseni; and Mrs. Yetunde Akinloye, who doubles as the secretary of the committee.

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