Project Nigeria and the Lagos Way
I recently came across a definition of faith that has restored once more my hope in attainment of the awesome possibilities of what I call Project Nigeria.
According to the New Century Version of the Bible, "Faith means being sure of the things we hope for and knowing that something is real even if we do not see it".
This definition set me thinking and I realized that I had almost lost faith in Project Nigeria seeing that my recent articles had been lamentations saturated.
Matters had not been helped by the ongoing global economic recession which has now gripped the Nigerian economy in spite of assurances by some that we were insulated.
Fall in crude oil prices to record levels and capital flight have seen the Naira also fall in value and the Nigerian Stock Market severely crippled.
But having read about faith as being sure of the things hoped for, I was shocked to find that there was nothing within my recollection that I was hoping for regarding Nigeria.
It was as though a thick dark cloud was hovering over Nigeria, completely blocking the light from the Sun from illuminating any sector of Nigeria.
There is no sector you look at in Nigeria today that has any semblance of positive news whether finance, manufacturing, oil and gas, education, health and other social services.
Every where you go the monster called corruption has become entrenched and something one must partake of in to survive the harsh jungle reality that Nigeria has become.
The adoption of a democratic system of government has become an albatross on Nigerians draining available resources to the political actors that have hijacked the system.
In the midst of all the gloomy news and dire forecasts, I would have to concede that there are many things I am hoping for regarding Lagos State.
The popular theme of Babatunde Raji Fashola, the Executive Governor of Lagos State, "Eko O Ni Baja" (Lagos will not spoil) is becoming a reality right before our eyes.
I am not just referring to the introduction of a mass transit system and the extensive infrastructural development going on across the state.
I am also not just referring to the restoration of law and order back to our streets and the environment or the educational and health initiatives introduced by the government.
Also long forgotten communities such as Orile-Iganmu in Coker Aguda LCDA are experiencing development ensuring their integration into the larger Lagos community.
The ability of LSG to drive its development plan relying on a mix of internal generated revenue, debt financing and a public private partnership is delivering real dividends.
Reliance on Statutory Allocations and VAT proceeds has almost being relegated to the background thus freeing the state from the stranglehold of a dependent mentality.
Lagos State did not arrive at this position by choice but out of necessity occasioned by efforts on the part of the then Obasanjo government to financially cripple Lagos State.
Not even the intervention of the Supreme Court could sway the Obasanjo government to release withheld statutory allocations.
This was in an effort to make the Bola Tinubu government to jump political ships or loose out in the power struggle.
Thank God that Bola Tinubu did not yield to the blackmail unlike the governors of some Northern States have already done and more are planning to do.
That confrontation forced the Bola Tinubu government to look inwards to other sources to generate revenue to meet its developmental goals.
Today Babatunde Raji Fashola is building on that foundation which is making Lagos State Nigeria's beacon of hope.
Relegated to the background are complaints about increasing Lagos State's share of statutory allocations considering its huge population and limited land area.
Lagos State Government has finally come to realize what developed nations have always known and whiles the rest of Nigeria is still grouping in the dark.
It is this, that the people and not natural resources are the best assets of a nation and explains why developed nations have productivity indexes.
PIs accurately measure the productivity of the people so as to gauge the health of the economy seeing that taxation is the main means of generating state revenues.
Developed nations are confident enough to leave major sectors of the economy in the hands of the private sector while ensuring that adequate regulations are put in place.
These developed nations have been somewhat lax in their oversight functions of late resulting in the present global economic crises.
However, the dividends of the boom years have lifted millions of their citizens from the depths of poverty into the middle class.
It is the billions of US Dollars that governments of developed nations took in during the boom years that are now being injected into their economies as stimulus packages.
Countries such as Nigeria who depend on commodities as the main stay of revenue generation are busy trying to defend the value of their national currencies.
Using dwindling foreign exchange reserves amidst falling foreign revenue earnings the responses of these countries will not achieve the desired results.
OPEC, the cartel of oil producing countries has drastically slashed daily production of crude oil in vain efforts to push up prices.
In January 2009 the revenue available for sharing in the Federation account fell by N150 billion especially with the crises in the Niger Delta and fall in crude oil prices.
Receipts from crude oil will continue to fall plunging the Federal, State and Local Governments that are yet to be weaned from relying on crude oil proceeds into financial crises.
In the midst of this the Lagos State Government is pushing ahead with many capital projects and has just raised N50 billion through a bond that was over subscribed.
What LSG has done is to present its monthly IGR as proof that it can meet its debt obligations and the investing private sector has endorsed this with a resounding yes vote.
The Lagos Way is the pathway to development for the Federal, State and Local Governments, as survival in the deepening global economic recession depends on it.
