Ambode: We Reflated Our Economy to Surmount Recession

Gboyega Akinsanmi

Lagos State Governor, Mr. Akinwunmi Ambode, disclosed that his administration has to exponentially increase capital expenditure at the height of economic recession in order to reflate the state economy.

Ambode, also, revealedthatlikeother states in the country, the state’s economic situation was really deplorable, noting that the internally generated revenue was nose-diving, companies plugging down and a good number of people were losing their jobs.

He gave insight into how the state survives economic meltdown at the State House, Alausa at a meeting with the Managing Director, Unilever Nigeria Plc, Mr. Yaw Nsakor and the firm’s top management staff.

At the height of economic recession that crippled almost all states in the federation, Ambode said the state government reflated the economy by embarking on more capital projects and created conducive environment for small and medium scale businesses (SMEs) to thrive.

He acknowledged that the situation of things was deplorable and inflow from the federal government “to the states was not just there. Also, the internally generated revenue was dropping. A lot of companies were plugging down and taking people out of employment.”

Amid the economic turbulence, the governor said his administration “applied judicious use of resources with our ability to appropriate as to where needs are. Technically, our IGR was going down and nose diving and nothing was coming in.”