Renowned economist and former Central Bank Governor, Professor Charles Chukwuma Soludo, has called on the Federal Government to consider allocating the significant savings from fuel subsidy towards the development of critical infrastructure projects across the country.
Soludo’s insightful recommendation aims to bolster Nigeria’s economy by directing the funds towards nation-building initiatives.
Speaking at the Nigerian Academy of Engineering Annual Lecture with the theme: “Financing Engineering Infrastructure,” held Thursday at the University of Lagos state, Akoka, the former Central Bank Governor of Nigeria urged the government to make this investment in the nation.
He said 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.
“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,” Soludo explained.
Also speaking at the event, Governor Babajide Sanwo-Olu of Lagos State, who was represented at the lecture by his deputy, Dr. Obafemi Hamzat, 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,” he said.
He continued saying; “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.”
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