N7trn actually needed for Lagos infrastructure, others in 2024, says Sanwo-Olu

Governor Babajide Sanwo-Olu of Lagos State has said that state requires about N7 trillion to meet up with infrastructural and basic amenities in 2024.

Sanwo-Olu spoke at the eighth Lagos Corporate Assembly, a business forum, tagged ‘BOS Meets with Business Community’, at the Lagos House in Alausa, Ikeja.

The governor, however, added that despite the uncertainty in the global business world, his administration cannot give excuses ‘but must work to achieve its set out goals as promised during the campaign period’.

He also expressed his administration’s readiness to ensure ease of doing business despite current global challenges.

He said, “Reports gathered from Ministries, Departments and Agencies shows that if we have the resources, at least N7 trillion will be needed for the year 2024 budget to meet the state’s infrastructural challenges and other basic amenities. This proves that our proposed N2 trillion budget for 2024 is far from it.

“That is one of the challenges we are having presently. We want to fix roads and do it rightly. We need to scale up with modern technology and put in place enduring policies. We didn’t anticipate the current inflationary rate, our focus is on how to meet the demands of our people amidst speculative market.

“We are where we are today and if we don’t get it right, it will have dire consequences on our country. But we can’t give excuses, we need to work together. We are running against time. I have a political timeline am working with and we can’t afford to fail.

“We will need to work together and identify the way forward. We should be able to solve some of our challenges through your ideas and submissions. We must let the MSMEs breathe for a sustainble economy, through friendly policies.”

The commissioner for commerce, Cooperative, Trade and Investment, Mrs. Folashade Ambrose-Medebem, explained that the corporate assembly had been a very important public–private sector engagement platform, through which the government and the business community interact and discuss issues that are crucial to the state’s industrial and commercial growth.

Culled from Nation