The biggest commercial hub of Nigeria, Lagos state, is planning to invest more in infrastructure following the disaster caused by hoodlums who took advantage of the peaceful EndSARS protest in October, 2020.
The Lagos government’s proposed budget is ₦1.164 trillion for the year 2021 with 60% of it going into major projects which is “massive infrastructure renewal and development.” The commissioner for budget and economic planning, Sam Egube, shared with reporters the reasons for this allocation today:
“While we were recovering from the Pandemic, the EndSARS protests and the aftermath of its hijack took us back economically and socially.”
The country went into a second recession under the second administration of President Muhammadu Buhari last year. However, the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele had optimistically reiterated that the country will be out of recession in the fourth quarter during the 55th Annual Bankers Dinner of the Chartered Institute of Bankers of Nigeria in Lagos last year.
Egube also stated that the Lagos state government is making all efforts “to rise above the challenges that have affected our development in the last 12 months.” According to the commissioner, through ₦971 bn projected revenue, deficit financing of ₦192 bn, and a ₦100 bn bond, and collection of loan, Lagos is determined to meet up with annual expenditure plans in 2021.
Under Lagos infrastructural development is the “Lagos Smart City” project which ₦24 bn has now been budgeted for. 2000 smart cameras will be distributed and installed all over Lagos roads for effective traffic management and security purposes with the construction of a 3000 km metro-broadband fiber infrastructure. Alongside, ₦92.7 bn will be funded into the railway and motor park projects, the state official announced.