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Lagos can survive dwindling federal revenue – Fashola

By BusinessNews Staff on December 19, 2014

The Lagos state government has said the drop in federal allocation as a result of the slide in the price of crude oil will not affect activities in the state.

Governor of Lagos State, Mr. Babatunde Raji Fashola made this known at the public presentation of the Lagos State Development Plan 2012-2025 at the state house, Alausa on Tuesday.

The Governor noted that the resilience of Lagos State to the downturn in oil revenue was part of the benefits of government’s plan to build the economy on contributory wealth as against what he described as grant wealth.

He explained that contributory economy leads to common wealth and common benefits where everyone contributes his or her quota to the state purse and the destiny of the people are on their own hands.

However, he said a state that depends on grants to survive is doomed the moment the source of that grant gets dry.

The large population of Lagos state, which according to him could be a burden, has been turned to an asset by the state government. The economy he said, was built on immigrant capital that makes up the human resource of the state instead of extractive resource.

Fashola explained that, the Lagos State Development Plan arose out of the need to develop a strategic long-term, forward looking Develoment plan that integrates and encapsulates the State’s Vision for growth, including the desire to compete globally as a major regional Economic hub.

He added that the Development Plan was a well-articulated plan that provides overall guidance and direction for the growth and development of the State. Its goal, he added, is to help harness the socio-economic potentials of Lagos and mobilise investments that will ensure that Lagos plays its vital role as Nigeria’s and West Africa’s Economic hub.

Earlier, the Commissioner for Economic Planning and Budget, Mr Ben Akabueze in the synopsis of the State Development Plan said, the purpose of the LSDP was to provide overall direction for the growth and development of the state. He also said it will provide a framework through which all sectors of the economy – public, private and civil society – can direct their energies and contribute to the improvement of the quality of life of people in the State.

Akabueze further stated that the document provides the basis for integrating the Lagos State Development Plan into existing state administration, planning and budgetary systems and also ensure that the performance of the LSDP is monitored on the basis of a comprehensive Results Framework based on clear Outcomes, Outcome Key Performance Indicators (KPIs) and Targets.

He said by 2025, Lagos is expected to be Africa’s Model Mega City, Global, Economic and Financial hub that- is safe, secure, functional and productive. This, he said is to be achieved by Poverty Eradication and Sustainable Economic Growth through Infrastructure Renewal and Development and as such the implementation of the LSDP is based on four strategic pillars; Economic Development, Infrastructure Development, Social Development and Security and Sustainable Environment.

Development Partners such as World Bank, UK Department for International Development (DFID), Agence Francaise de Development and State Partnership for Accountability, Responsiveness and Capability (SPARC) represented by Mrs. Jariya Hoffman, Mr. Sina Fagbenro-Byron, Ms Constance Brehaut and Ifeanyi Peters respectively commended the Lagos State Government for being futuristic in her Development Plan and urged the it to see to the monitoring of the plan to achieve the desired result.
The Special Adviser to the Governor on Economic Planning and Budget in her welcome address stated that the on-going initiatives to reform the Lagos State Government budget process was based on creating a coherent and transparent budget framework focused on channelling resources to the state’s development in an efficient and transparent manner.

The public presentation was witnessed by gubernatorial candidate of All Progressives Congress, Mr. Akinwunmi Ambode, whom the Governor said would have no difficulty implementing the plans when elected to succeed him in office because he was a party to drawing it up when he was the Accountant General of the State.

[ThisDay]

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