Soludo urges Nigerian govt to invest fuel subsidy savings into infrastructure, social development

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The Governor of Anambra State, Prof. Charles Soludo, has urged the Federal Government to invest a huge percentage of funds saved from fuel subsidy withdrawal to infrastructure and social development.

Soludo said this while speaking at the Nigerian Academy of Engineering Annual Lecture with the theme: “Financing Engineering Infrastructure,” on Thursday at the University of Lagos, Akoka, Lagos.

According to him, investing eight to 10 per cent of the Gross Domestic Product in public infrastructure yearly, for the next 10 years, will positively impact the lives of citizens.

He said: “For the federal government to succeed in infrastructure provision, it is necessary to collaborate with state governments who understand the most priority of their needs.

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“For example, in the area of road infrastructure provision, the state governments are in the best position to know the alignment of roads from one end to the other.

“Thus, it is imperative that such projects require joint collaboration for a successful and functional execution.”

Lagos State Governor, Babajide Sanwo-Olu, who was represented at the lecture by his deputy, Dr. Obafemi Hamzat, in his contribution, stressed the need for collaboration and partnership among all stakeholders for government to achieve its goals.

“In the face of dwindling economic fortunes especially in the area of revenue generation, it becomes absolutely imperative for the government to apply innovative and creative strategies to bridge the financing gap being experienced in the country as the government alone cannot provide all the solutions.

“Also, there is a need to provide the necessary support for professionals in the engineering sector and other science and technology related sector.

“This will help in channeling their knowledge and expertise towards developing sustainable solutions to our local challenges”, Sanwo-Olu said.

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