Governor Akinwumi Ambode announced that Lagos State requires $30 billion to execute 30 capital projects in the next five years.
The governor said this yesterday at the inauguration of a 12-member Economic Advisory Committee at the Lagos House, Ikeja, this was reported by The Nation.
He said the projected figure represents about $6billion per annum, whereas the provision for capital projects in the 2017 budget is pegged at N500 billion (about $1.6billion).
The governor said the inauguration of the committee was important, considering that government alone cannot address the infrastructure deficit in the state.
According to him, “If Lagos was a country and we are the fifth largest economy in Africa, then we have to start thinking about the number five.
“In that regard, you must not think taxes or IGR, you must create some kind of platform that would allow some other people who are outside to tell us how to run a country in a state.
“Let me crave your indulgence to present a picture of what we are confronted with. Our 2017 budget earmarked about N500 billion (about US$1.6 billion) as capital spending.
“Whereas our recent infrastructure needs analysis shows that over $30 billion would be required to achieve the 30 most impactful projects for the state over the next five years.
“It is evident that 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.
“I am glad and privileged that nine competent and well respected Lagosians have accepted our request to serve in the committee,” he said.
Highlighting some of the key functions expected of the Economic Advisory Team, Ambode said they would be expected to bring an independent perspective on economic and business issues with a primary role of offering advice to his administration under the four strategic 2012-2025 Lagos State Development Plan (LSDP) pillars of economic development; infrastructural development; social development and security as well as sustainable development.
The governor said whilst the committee is independent and largely constituted by members from the private sector, the need for integration and collaboration to ensure that the views are taken on board necessitated in having three members of the State Executive Council, led by the Commissioner for Finance in the team.
He expressed optimism that the team would further expand his administration’s all-inclusive governance mantra and achieve the key objective of getting independent views on economic and business issues in delivering the mandate to the people.