LAGOS NEEDS $30BN TO EXECUTE 30 CAPITAL PROJECTS IN 5 YEARS-AMBODE.{PHOTOS}.

              Lagos State Governor,Mr Akinwunmi Ambode today monday said that the State would require at least $30billion dollars to adequately deliver 30 most impactful infrastructural projects over the next five years.The Governor,who spoke shortly before inaugurating a 12-member Economic Advisory Committee at the Lagos House,Ikeja,said the projected figure represents about $6billion per annum,whereas the provision for capital projects in the 2017 budget is pegged at N500billion {about $1.6billion}.
Alluding to the fact that the projection clearly shows that government alone cannot address the infrastructure deficit,he said the inauguration of the Economic Advisory Committee was therefore a step in the right direction.''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 of Lagos state citizens 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 has earmarked about N500 billion {about US$1.6 billion} as capital spend.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 {an average of US$6 billion per annum}.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 therefore glad and privileged that nine competent and well respected Lagosians have accepted our request to serve in the Committee,'' he said.More photos below.