Lagos, Japan Partner To Construct $1bn Monorail

The Lagos State Government yesterday, during the ministerial news conference initiated to mark the first anniversary of the state governor, Mr. Akinwunmi Ambode, revealed its plan to partner with Japan to construct a monorail that would link Marina, Ikoyi and Lekki, declaring that the project would cost $1billion.

Mr. Akinyemi Ashade, the Commissioner for Economic Planning and Budget revealed that the state government generated N101.69 billion in the first quarter of 2016, adding that contrary to a deficit of N29.92 billion initially projected by the government, it had a surplus of N4.85 billion during the period under review.

Ashade addressed the press alongside his counterpart in the Ministry of Information & Strategy, Mr. Steve Ayorinde, and the Permanent Secretary in the Ministry of Economic Planning & Budget, Mr. Kadiri Abayomi Adebisi, among others.

At the briefing, Ashade said the Ambode administration had partnered the Japanese International Corporation Agency (JICA) on investment in the monorail project that will link Marina to Oniru in Victoria Island, and Ikoyi.

The commissioner, who put the cost of the monorail project at $1 billion, said that, “the monorail project is an urban mass transportation project different from the on-going Light Rail (Blue Line) project that will connect Mile 12 to CMS and the Light Rail (Red Line) project”.

On the revenue generated by the state, Ashade said the N101.69 billion was above what the state government recorded in the first quarter of 2015, which stood at N97.28 billion, adding that in absolute terms, the revenue performance was N4.4 billion more than the comparative period of 2015.

Ashade, while commending Governor Ambode, said the remarkable feat was achieved despite the diminishing statutory allocation from the Federation Account.

He expressed optimism that with the implementation of multiple revenue collection channels and broadening of the revenue base, the state government would achieve tremendous progress in its revenue drive.