Lagos State Governor, Mr. Akinwunmi Ambode has said Lagos State is faced with a grave financial crisis, disclosing that the state might not be able to fund capital projects if the fall in crude oil prices continues unabated.
If the prices of crude oil continue nosediving, Governor Akinwunmi Ambode said that Lagos State “will have less and less money to fund capital projects and face enormous challenges in catering for its people.”
Akinwunmi Ambode proposed that the development of critical infrastructure projects by any state in the federation especially Lagos, would require innovative thinking and ingenious solutions, citing their prevailing financial outlook.
The governor therefore noted that the future of any modern state “to provide infrastructure and effectively cater for its people lies critically in its ability to generate stable revenues and resources to drive growth.”
Maxwell Ashiuloka – Abuja
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