President Muhammadu Buhari has announced that the Federal Government would be supporting more investments in Lagos State to increase its economic potential as a growing megacity.
Buhari disclosed this on Tuesday at the Ehingbeti Lagos Economic Summit, themed “For a Greater Lagos: Setting the Tone for the Next Decade.”
“One of the significant ways in which our support has manifested to Lagos State is in the special federal funding that we approved in 2020 in acknowledgement of the State being an epicentre of the Coronavirus pandemic.
“The challenges of Lagos must therefore be very clearly seen as part of the challenges of Nigeria, and the Federal Government will support Lagos to overcome its challenges and to thrive socially and economically,” Buhari said.
Buhari disclosed that the Presidential Infrastructure Development Fund (PIDF) has recognized Lagos through the initiative to reconstruct the Lagos-Ibadan Expressway and many others.
“The Presidential Infrastructure Development Fund (PIDF) is investing in the reconstruction of the Lagos-Ibadan Expressway, while Apapa-Oshodi-Oworonshoki Expressway is a flagship project of our Road Infrastructure Tax Credit Scheme, also known as Executive Order 7 of 2019.”
“The Federal Government is today completing the Standard Gauge Railway Line that will link Lagos to Ibadan in the first instance, and from there connect to Abuja and Kano, and bring ease and efficiency to what is Nigeria’s busiest transportation corridor,” he added.
Buhari praised the Lagos State Government, citing that the state is focused on infrastructure and improving the ease of doing business and the overall quality of life of Lagosians.
“A Lagos that can keep up with its growing population in terms of housing, education, healthcare, security and jobs. A Lagos that is innovative and productive, and that ensures that its economic prosperity leaves no one behind,” he added.
The Lagos State Government had projected a monthly target of N60.318 billion Internally Generated Revenue (IGR) for the 2021 fiscal year.
