Governor Akinwunmi Ambode of Lagos State has attributed the state’s immunity to the current economic recession to the virile revenue base and fiscal discipline within the state.
It will be recalled that based on the current economic situation of the country, the Federal Government had announced plans to inject N350 billion into the economy to cushion the effect of recession in the country. Ambode made the remark, yesterday, at Ojokoro LCDA during the ongoing simultaneous commissioning of newly constructed roads, held in 10 councils of the state.
The governor, who was represented by a member of the House of Representatives, Rotimi Agunsoye, representing Kosofe Federal Constituency, said: “The reason Lagos State is not feeling the impact of recession so much, is simply because of its revenue base as well as the financial prudence. This has helped us not to feel the impact like other states.”
He disclosed that the N19 billion funds for the construction of the 114 roads was sourced through taxes paid by residents. “The newly constructed roads will have a positive impact on businesses by boosting economic activities and guarantee adequate security within the state,” Ambode stated.