Governor Akinwunmi Ambode on Monday said that Lagos State would require at least $30bn to adequately deliver 30 most impactful infrastructural projects over the next five years.
Ambode, who spoke before inaugurating a 12-member Economic Advisory Committee at the Lagos House, Ikeja, said the projected figure represents about $6bn per annum, whereas the provision for capital projects in the 2017 budget is pegged at N500bn (about $1.6bn).
He said, “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 N500bn (about US$1.6bn) as capital spend. Whereas our recent Infrastructure needs analysis shows that over $30bn would 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 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.
The governor said the Economic Advisory Team 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 pillars of Economic Development; Infrastructural Development; Social Development and Security as well as Sustainable Development.
The economic team include renowned economist and Founder of Agusto & Co, Mr. Olabode Agusto as the Chairman; while Commissioners for Finance, Mr. Akinyemi Ashade; Energy and Mineral Resources, Mr. Olawale Oluwo and Commerce, Industry and Cooperatives, Mr. Rotimi Ogunleye are members of the Committee.
Other members are former Managing Director, Skye Bank, Mr. Kehinde Durosinmi-Etti; Former Country Senior Partner, PwC, Mr. Kenneth Igbokwe; Founder/CEO Bestman Games Ltd, Mrs. Nimi Akinkugbe; Managing Partner, Dalmeida, Ogunlana & Co, Mrs. Adenike Ogunlana; Managing Director, Vetiva Capital, Dr. Laolu Mudashiru; former Minister of Science & Technology, Mrs. Omobola Johnson; Deputy Managing Director, Wema Bank Plc, Mr. Moruf Oseni and Mrs Yetunde Akinloye who doubles as Secretary of the Committee.