today-is-a-good-day
4.3 C
New York
Friday, March 29, 2024
HomeNewsEconomyJapan plans $1bn monorail project in Lagos

Japan plans $1bn monorail project in Lagos

The Japanese International Cooperation Agency (JICA) is planning to invest $1 billion in the construction of a monorail project in Lagos State to enhance robust mass transportation system in the state. Also, the Agence Francaise De Development has committed $100 million for the development of slum communities in the state under the Eko Urban Project (Eko-UP). The state’s Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade, explained that the JICA’s $1 billion monorail project is different from the ongoing rail project in the state.

Ashade said that the project was conceived after JICA conducted a survey on Mass Rapid Transit (MRT) in the Lagos metropolis. The monorail project will link Marina to Oniru in Victoria Island and Ikoyi, and later connect to the Lekki Rail Line project, which is also in the works. He clarified that the monorail project is an urban mass transportation project different from the ongoing Blue Line Rail project that will connect Mile 12 to CMS, and the Red Line Rail Project.

The commissioner said: “Traditionally, JICA has supported the state with interventions targeted at areas relating to health. However, over the past year, JICA signified its intention to provide interventions in areas other than health, including urban mass transportation.

“Consequently, JICA conducted a survey on Mass Rapid Transit (MRT) in the Lagos metropolis with a view to providing the state with a loan to finance the development of a monorail project within the Lagos metropolis. A detailed feasibility study has been commissioned on the monorail project to validate the initial survey, which will eventually lead to an investment of $1 billion in the project if the results of the feasibility study are positive.” He explained that Lagos records total revenue of N101.69 billion in the first quarter of 2016 with a surplus of N4.85 billion as against an expected deficit of N29.92 billion. This performance, the commissioner added, was N4.40 billion more in absolute term compared to 2015 despite the dwindling statutory allocations from the Federal Account.

Ashade said the generated revenue was above that of 2015 which stood at N97.28 billion in the first quarter. 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.

Advertisements

Giving a detailed breakdown of the budget performance, the commissioner said N76.06 billion was the Internally Generated Revenue (IGR) of the state in the first quarter, representing 72 per cent of the estimate for the quarter and 75 per cent of the total revenue. He said the Lagos Internal Revenue Service (LIRS) revenue for the first quarter of 2016 stood at N67.25 billion, representing 90 per cent estimate for the quarter and 88 per cent of the total IGR and 66.12 per cent of the total revenue, compared to N60.58 billion (87 per cent of the estimate for Q1 Y2015), representing 90 per cent of total IGR and 62 per cent of total revenue in 2015.

“This performance was N6.67 billion more in absolute terms compared to corresponding period in Y2015 and due largely to more participatory structural and systemic re-engineering. “Over the course of the first quarter of Y2016, federal transfers contributed N25.64 billion (83 per cent of the estimate for the quarter) and accounted for 25.21 per cent of total revenue. Further breakdown showed that statutory allocations contributed N7.48 billion while VAT contributed N18.16 billion,” Ashade said.

Advertisements

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisment -

Most Popular

Recent Comments

Onuegbu Chuks Theophilus on Mikel Obi quits Super Eagles
Thomas H. Anderson on Roman Goddess_3
Oladimeji Emmanuel on Obama sends investors to Buhari