In a bid to finance a gap of N192.49 billion contained in its 2021 budget, the Lagos State Government has announced a plan of exploring several sources including bonds and domestic, foreign borrowing.
Commissioner for Budget and Planning, Mr Sam Egube, who disclosed this at a breakdown session of the budget in Lagos on Thursday, said 60 per cent of the state’s N1.16tn budget would go into capital expenditure while 40 per cent would go into recurrent expenditure.
According to the budget breakdown, there is estimated revenue of N971.02 billion, consisting of N723.81 billion from internally generated revenue, N71.81 billion of capital receipts and N175.4 billion in federal transfers.
The commissioner revealed that the government has made a total provision of N167.8 billion for the aggressive development and maintenance of infrastructure across the state in 2021.
A Project Stabilisation Fund for various projects across the state was budgeted at N19.5 billion, while a provision of N15 billion was made for rebuilding Lagos Project/Trust Fund; the Lagos–Badagry Expressway is expected to gulp N5.9bn.
The state government noted that the State Infrastructure Intervention Fund for Roads within Local Government and Local Community Development Areas would cost N10 billion and the reconstruction of Lekki-Epe Expressway from Eleko junction to Epe T-junction Lekki Regional Roads would cost N11 billion.
Meanwhile, the Special Adviser for Works and Infrastructure to the Lagos State Governor, Engr Aramide Adeyoye, says preferred bidder for the much-expected 4th Mainland Bridge will be announced in the third quarter (Q3) of this year.
Adeyoye, who disclosed this in Lagos at the media presentation of the Facts Behind the Figures of 2021 Lagos State government budget,
stated that the state government had so far concluded three out of the six steps in the selection process, adding that the last stage will be concluded between the second and third quarters of the year.
She said: “The 3rd Mainland Bridge was constructed well over 30 years ago and we ought to have finished on this 4th Mainland Bridge.
“And one of the things that have not allowed us as a people and a nation to actually close out on that is the transparency that we have to show if we are getting funding on a PPP basis.
“We started that process in November 2019, when we gave Expression of Interest requests; that way, we declared to the whole world that we are going to throw the field open.
