The Federal Government has said it is working towards achieving a 77 per cent increase in Internally Generated Revenue (IGR) to boost the economy and fund critical infrastructure across the nation.
The Minister of Finance and Economy, Wale Edun, disclosed this while inspecting the Lagoon section of the Third Mainland, Carter and Eko bridges.
Edun, who was accompanied by the Minister of Works, David Umahi, promised adequate funding for infrastructure in line with the core agenda of President Bola Tinubu to further grow the nation’s economy.
He restated Tinubu’s commitment to grow, restore, and digitalise the economy through infrastructural development, putting policies in place and blocking long-standing leakages caused by fuel subsidy.
The minister urged the Nigerian National Petroleum Corporation (NNPC) Ltd. to take advantage of opportunities in the oil market to shore up revenue for the nation.
On the degraded Marina shorelines, he said, he promised urgent intervention in line with Tinubu’s vision.”
Umahi, in his remarks, promised early completion of repair works on the three major bridges in Lagos. He said President Bola Tinubu has approved funds for comprehensive works on two carriageways of the Third Mainland Bridge, address challenges on the slab elements and ensure adequate maintenance of the bridges.
Umahi hinted that the joint assessment was for his Finance and Economy counterparts to have first-hand knowledge of the projects and cost implications.
He raised the alarm over the degeneration of the Marina shorelines, which he described as awaiting disaster because the damage was threatening the pillars of the Lagos Blue Rail Line. Umahi said though the shorelines require N146 billion for rehabilitation, only N1 billion was available for the project in the 2024 budget.
He expressed satisfaction with the ongoing repair works on the top deck of the Third Mainland Bridge and disclosed that the repair would be completed, and the bridge would reopen to traffic by April.
Umahi also said that contractors would begin work on the under-deck and lagoon sections of the Third Mainland and Carter Bridges by next week, adding that advertisement for bids for facilities on the Lagos-Ibadan Expressway will begin in a week.