Infrastructure Finance in Lagos Metropolis
Infrastructure in Nigeria from roads to railways, from electricity generation to water supplies were neglected for decades. Hence situation requires drastic overhaul and expansion. Lagos state is faced with crumbling roads antiquated transport services. Inadequate power generation, and a critical shortfall of clean Miler supplies. The lack of adequate public infrastructure make We in the state more arduous curd acts as a significant constraints on economic growth. Lagos state government and citizens are concerned with satisfying the enormous unmet need for infrastructure. This concern has led to recent: improvement on infrastructure. This paper examines the sources of infrastructure finance in Lagos metropolis. In order to achieve the aim, the actual expenditure on infrastructure, its condition and tire problems were examined. Secondary data, observations and interview were conducted among officials in the ministries in charge of infrastructures. The study reveals that the stare of infrastructure in Lagos is fair, the major sources of finance are: taxes, vehicles registration and bond. The problems of infrastructure finance are poor budget implementation. Inadequate funding, contract sum inflation, and revenue leakages. While the management problems are fund, poor construction work, poor design, nature of Lagos terrain, corruption, unplanned maintenance, lack of maintenance culture and public vandalism. The paper recommended that infrastructure investment should be enhanced for long term economic competitiveness and environmental sustainability.