{"id":7645,"date":"2013-08-03T12:45:10","date_gmt":"2013-08-03T12:45:10","guid":{"rendered":"http:\/\/disnaija.com\/nigeria-news\/lagod-gdp-over-n13trn-says-new-commissioner\/"},"modified":"2013-08-03T12:50:21","modified_gmt":"2013-08-03T12:50:21","slug":"lagos-gdp-over-n13trn-says-new-commissioner","status":"publish","type":"post","link":"https:\/\/disnaija.com\/lagos-gdp-over-n13trn-says-new-commissioner\/","title":{"rendered":"Lagos GDP over N13trn, says new commissioner"},"content":{"rendered":"
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By Citizens Platform<\/strong><\/em><\/p>\n

Incoming commissioner for Finance in Lagos, Mr Ayodeji Gbeleyi, Friday revealed that Lagos State government with a Gross Domestic Product (GDP) worth of N13 trillion, has sufficient capacity to borrow and invest such in productive infrastructure to continue to grow her economy.<\/p>\n

He was speaking at the state House of Assembly while fielding questions from members before he was finally confirmed as the new Commissioner for Finance.<\/p>\n

Gbeleyi, who is expected to be sworn in by Governor Babatunde Raji Fashola, will take over from Mr Tokunbo Abiru, who recently resigned from the state\u2019s cabinet to take up a banking job.<\/p>\n

The commissioner-designate, while responding to a question posed on the implication of borrowing by a member of the House, Hon Wahab Alawiye-King, said there was nothing wrong with borrowing, as long as it was channeled into productive investment.<\/p>\n

Gbeleyi, in his submission, noted that major economies of the world today, including the United States thrived on borrowing despite the current economic recession, but cautioned that such borrowing must be made in a responsible and productive manner.<\/p>\n

\u201cWhat we, however, need to do is borrowing in a responsible and productive manner. We must not borrow for day-to-day activities, but borrowing to invest in infrastructural development like the current light rail project. If we do, there is no quantifying its impact on the state economy,\u201d he said.<\/p>\n

His confirmation was sequel to a letter written by the governor to the House and read on the floor of the Assembly Friday.<\/p>\n

In it, Fashola nominated Gbeleyi, erstwhile Director General of the state\u2019s office of Public-Private Partnerships (PPP) and Special Adviser to the governor on PPP,\u00a0to replace Abiru<\/p>\n

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\nPosted in Nigeria News. <\/a>A DisNaija.Com<\/a> network.<\/p>\n

Source: Citizens Platform<\/p>\n

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