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Nigeria: Lagos To Spend N390 Billion on Development of Infrastructure
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Vanguard (Lagos)
25 July 2008
Posted to the web 25 July 2008
Michael Eboh and Dotun Ibiwoye
Lagos
The Lagos state government has announced its decision to spend N390 billion ($3 billion) on infrastructural development in the state over the next couple of years.
Speaking during the town hall meeting of the Lagos State Internal Revenue Service (LIRS) for market associations, general merchants, skilled technicians among others, Fashola disclosed that huge funds are required to put in place the necessary infrastructure that will make life easier in the state.
He said, "The projects on the agenda of the state government requires huge funding. Over the next two decades, Lagos State needs to spend at least N390 bn ($3 bn) annually to expand and improve its water supply network. N2.6 trillion ($20 bn) to provide qualitative and efficient network of roads and drainage; N1.3 trillion ($10 bn) for power supply; N650 bn ($5 bn) for information and computer technology; and N1.2 trillion ($9.3 bn) for inter-modal transportation system."
To this end, he called on the artisan and other professionals in the state to ensure they pay their tax so that the government can meet up with plans to develop and improving on social amenities in the state.
He enlightening them on the necessity of taxes and the detriments of tax evasion, stating that it is impossible to effectively develop the state without internal generated revenue which can only come about from taxation.
He disclosed that the state government has put in place measures that will check tax evasion and ensure that individuals and corporate organisations pay the right tax.
He noted that the new revenue administration law of the state provides for tax clearance check before any individual or corporate body is allowed to do business with, obtain any licence or enjoy other benefits from the state government.
According to Fashola, "We are determined to enforce this rule very strictly. You should therefore insist on getting your tax clearance card showing tax clearance payment in the last three years. We are determined to see the end of these illegal activities. To accommodate more traders in properly organised markets, contracts have been awarded for the re-development and modernization of the Oyingbo, Tejuosho and oluwole markets. All these can only be done from proceeds of taxation."
He stated that the government is not aware of the contributions of small businesses to the growth of any economy and promised to take measures that will ensure that small business owners are included in its development plans for the state.
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"The small businessmen, traders, artisans, market men and women constitute a very large percentage of the state population. It must be noted that trading and small business are the engine room of Lagos' economy. In all new markets, we are making sure that the stalls are affordable to the small traders and that low-cost micro-finance and mortgage facilities are available for those who cannot immediately pay up. In the same way, we shall continue to collaborate with registered mechanic associations towards maintaining the existing work yards and creating new ones," he added.
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