Lagos state government plans total spending of 1.164 trillion naira on infrastructure after youth unrest

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Nigeria’s Lagos state plans to increase spending on infrastructure this year to repair the damage inflicted on the country’s commercial hub by violent protests in October, according to its 2021 spending plan.

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Capital projects will get 60% of its proposed budget of 1.164 trillion naira ($3 billion) this year, which will be targeted at “massive infrastructure renewal and development,” Sam Egube, commissioner for budget and economic planning told reporters in Lagos on Thursday. “While we were recovering from the Pandemic, the EndSARS protests and the aftermath of its hijack took us back economically and socially,” he said.

Nigeria, Africa’s biggest crude producer, slipped into recession in the third quarter as a lockdown to contain coronavirus and an oil slump shuttered businesses, most of which are located in the commercial hub.

In addition, youth protests against police brutality turned violent in October, leading to large scale looting and destruction of public and private assets, whose claims on the insurance industry are said to be highest on record.

Lagos is determined “to rise above the challenges that have affected our development in the last 12 months,” Egube said. The state will meet expenditure plans this year through 971 billion naira projected revenue and deficit financing of 192 billion naira, via a 100 billion naira bond and the rest as loans, according to the state official.

Part of the capital spending is 24 billion naira intended for “Lagos smart city,” which will see the government deliver 3,000 kilometers of broadband fiber network as well as 2,000 “intelligent” cameras across the state to enhance security and traffic management, Egube said. The sum of 92.7 billion naira will go into rail and motor park projects to ease transportation, he said.

The government increased funding for the health sector by 9% to 106 billion naira this year to boost capacity to manage Covid-19 infections and other diseases successfully, according to the commissioner.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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