The Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has stated that the lootings caused by hoodlums during the post protests riots damaged the economy of Lagos State.
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The Speaker of the House of Representatives, Femi Gbajabiamila disclosed in October that Lagos State will need about N1 trillion for the reconstruction and repair of the properties and infrastructure that was vandalized and destroyed by hoodlums.
“I learnt from the governor of Lagos State that it will take N1trn to rebuild what had been lost and asked him what’s the budget size of the state, he said about N1trn. You can see we are moving backwards,” Gbajabiamila said.
“The anarchy, burning, and looting of businesses have hit the economy with a blow beneath the belt.
“At the backdrop of the destruction of public and private properties and businesses in the wake of the #EndSARS protests, businesses have been counting their losses,” Obasa said on Tuesday.
He added that the costs of the damage to the state government is valued at N1 trillion, while private costs would be in billions of dollars.
“Also the replacement cost to Lagos State government, which is the worst-hit by the protest is put at N1 trillion. The overall cost to private businesses has been put at several billions of dollars,’’ he said.
The speaker blamed social media, accusing the internet of causing disharmony, disaffection, and disintegration leading to the lootings.
“When social media is employed in a ruthless manner that causes disharmony, disaffection, and disintegration among families, friends and ethnic groups, it can no longer be considered to be beneficial to the society as a whole,” he said.
“For those who lost their lives and property, particularly the gallant police operatives; those whose businesses were destroyed, Lagos City Hall, Lagos Judiciary, the TVC, all petty traders and affected banks and the residents of our dear state, I identify with you all at this trying period.’’