Soludo, Sanwo-Olu advocate diverting revenue to tackle infrastructure shortage

The Anambra Governor, Prof. Charles Soludo, has advised the Federal Government to deploy 90 per cent of the savings from subsidy and liberalisation for infrastructure and social development.

Soludo gave the advice at the Nigerian Academy of Engineering Annual Lecture with the theme: “Financing Engineering Infrastructure” held at University of Lagos, Akoka, on Thursday.

Soludo, a former Central Bank Governor of Nigeria also urged the government to invest eight to 10 per cent of Gross Domestic Product in public infrastructure per annum for the next 10 years to meet public needs.

The governor explained that this would help in the provision of infrastructure which was germane to the wellbeing of the citizens and development of the country.

Soludo disclosed among other issues that in spite  alternative financing initiatives, infrastructure needs and provision in Nigeria continued to widen due to the rate of population growth and urbanisation.

He also tasked  the Federal Government on collaborating with state governments in other to succeed in infrastructure provision.

“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.

“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”, he explained.

Similarly, Gov. Babajide Sanwo-Olu of Lagos State also stated that bridging the gap in the engineering infrastructure through proper funding would have direct and indirect impact on a number of other sectors in the economic fortune especially in the area of revenue generation.

The governor who was represented by his deputy, Dr Obafemi Hamzat, emphasised that collaboration and partnership among all stakeholders remained a key strategy government must adopt and explore 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.”

Sanwo-Olu, therefore, recommended that knowledge of engineering was key to the attainment of the Industrialisation goal of any country.

He stated that due to the increasing role technology had played in advancing economic growth, development and prosperity in the 21st century, it had become imperative that government placed more emphasis on the acquisition of the required knowledge and skill.

“Also, there is 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,” he said. (NAN)