Following the decision of the FG to get $22B loan to implement the infrastructural objectives of this government, I have seen people complaining about the loans being a burden on future generations.
For those not be old enough, Lagos state took a similar decision under Tinubu.
For those not be old enough, Lagos state took a similar decision under Tinubu.
This was clearly before the overbearing influence of the social media and many of those with the loudest take on this loan may not be old enough to remember those events.
I hope this post will help some of you understand why infrastructure is key to growth.
And any government
I hope this post will help some of you understand why infrastructure is key to growth.
And any government
Must do whatever is necessary to implement impactful infrastructure.
Many of the key road projects you see all over Lagos weren't always like this. The entire business district of Victoria island were mostly pot holed roads that were a disaster when it rained.
Many of the key road projects you see all over Lagos weren't always like this. The entire business district of Victoria island were mostly pot holed roads that were a disaster when it rained.
Adeola Odeku, Ahmodu Bello, Ozumba Mbadiwe that were upgraded with concrete interlocking blocks were asphalt based road - and nightmares.
On the mainland, roads like Adeniran Ogunsanya, Bode Thomas, Eric Moore Road, Akerele, Ogunlana Drive, Adelabu road were also fixed.
On the mainland, roads like Adeniran Ogunsanya, Bode Thomas, Eric Moore Road, Akerele, Ogunlana Drive, Adelabu road were also fixed.
There used to be a running battle with the Federal government over ikorodu road leading into western Avenue that was in a horrible state.
The LASG would put up a sign board with the message THIS ROAD BELONGS TO THE FEDERAL GOVERNMENT on the road to absolve the state of any fault
The LASG would put up a sign board with the message THIS ROAD BELONGS TO THE FEDERAL GOVERNMENT on the road to absolve the state of any fault
When governor Bola Tinubu decided to get a loan to repair some of the aforementioned roads and many others all over Lagos, those who over analysed the income of the state vis-a-vis her ability to pay back shouted that future generations were being enslaved with loans.
This opposition governor at that time went ahead with the loan and truly began to revolutionize infrastructure.
What the state found out as the consequence of that investment was increased productivity of the citizens and a quantum leap in internally generated revenue.
What the state found out as the consequence of that investment was increased productivity of the citizens and a quantum leap in internally generated revenue.
Products and services were moved more efficiently, and people showed a willingness to pay income taxes because they saw that world class roads were being built.
Increased income also meant that the state was able to service those loans effectively.
Increased income also meant that the state was able to service those loans effectively.
Our worry over the $22B shouldn't be the size of the loan but the possibilities it will help unlock in our economy with more efficient infrastructure replacing the ones we have.
Products and services can be delivered more efficiently, and better value can be added.
Products and services can be delivered more efficiently, and better value can be added.
We simply do not earn enough as a nation now to build the kinds of power, roads and rail network that we need to improve economic activities.
As long as the loans are firmly tied down to the kinds of rail and roads we are seeing emerging, we are on the right path.
As long as the loans are firmly tied down to the kinds of rail and roads we are seeing emerging, we are on the right path.
