The Lagos State Government has set up a 12 member Economic Advisory Committee. This was disclosed in a statement by Secretary to the State Government (SSG) Mr Tunji Bello, after the State Executive Council meeting at Lagos House, Alausa, Ikeja held Wednesday.
The committee has Mr Bode Agusto as Chairman and Mrs Yetunde Akinluyi as Secretary. Other members of the Committee are: Mr Kehinde Durosinmi-Etti, Mr Kenneth Igbokwe, Mrs Nimi Akinkugbe, Mrs Adenike Ogunlana, Dr Laolu Mudashiru, Mrs Omobola Johnson and Mr Moruf Oseni
The State Government would be represented on the Committee by the Commissioners for Finance, Mr. Akinyemi Ashade, Energy and Mineral Resources, Mr Olawale Oluwo, and Commerce and Industry and Cooperatives, Mr Rotimi Ogunleye.
Members of the Committee would be expected to serve for at least two years while they would meet regularly and send reports to the State Executive Council. The Economic team is saddled with the responsibility of specifically advising on the overall finance strategy to bridge the massive infrastructure gap in the state; analyzing any issue, economic or otherwise, referred to it by the Governor and to act as champions for certain initiatives.
Lagos State is arguably the largest sub national economy in the country. The state recorded the highest Internally Generated Revenue (IGR) in the country with N150.59 billion naira in HY 2016. 71% of the state’s 2016 budget was generated from IGR. In its 2017 budget, ₦512.98 billion was marked for capital expenditure and ₦300 billion for recurrent expenditure. Totalling ₦812.98 billion naira. The largest budget in the country, after the federal government.