#EndSARS Protests: Lagos Will Need N1trillion For Reconstruction — Femi Gbajabiamila

A minimum of N1trillion is required to reconstruct Lagos State after the destruction that occurred during the #EndSARS protest and the crisis that followed, the Speaker of the House of Representatives, Femi Gbajabiamila, has said.

The speaker disclosed this on Sunday, October 25, during a commiseration and solidarity visit to Governor Babajide Sanwo-Olu, at Lagos House, Marina.

According to Vanguard, the minister said: “The House of Representatives will do all it can to compensate all those who suffered brutality including policemen that lost their lives in the process.

Also whatever the house can do in rebuilding Lagos and other states it will do. We are now in a state of reconstruction. What must be done will be done.


I learnt from the governor of Lagos State that it will take N1 Trillion to rebuild what had been lost and asked him whats the budget size of the state he said about N1,Trillion. You can see we are moving backward.

Hence, we …

High Hopes: Economic Recession "Might" End This August

There is possibility of the federal government raising its spending so that it will move the economy away from recession. There are indications that Federation Account Allocation Committee (FAAC) is set to distrinute N700 billion in the month of August. This will be the highest allocation in the last 30 months. This is t projections by analysts at Financial Derivatives Company (FDC) Limited. Read more:

The monthly allocation began to show significant rise in July, when a total of N559 billion was distributed. This was an increase of 83.2% over the month of June. The increased spending likewise assisted to boost shipping activities during the month of July.

While explaIning this in Lagos, chief executive officer of FDC Bismarck Rewane, attributed the increase to partially improved tax collection and exchange rate gains. Rewane stated that increased exchange rate gains got to its highest level in 18 months. The FAAC allocation rose to N559.03 billion in July from N305.12 billion in June.

Based on a surge in spending, Rewane said there were more ships in Lagos. He said ships awaiting berth increased to 45 in July. “Higher international trade activity, forex availability and settlement of backlogs were responsible,’’ he said. In addition, the CEO of FDC stated that ships awaiting berth are expected to increase to 50, “boosted by budget implementation and flexible exchange rate.” Relatedly, the director general of the Nigerian Maritime Administration and Safety Agency (NIMASA) Dr Dakuku Peterside assured that Nigeria is safe for shipping and other commercial activities in the maritime sector. Reports by the Ship Owners Association of Nigeria (SOAN)’s news bulletin revealed that the director general informed the public on this recently. Peterside observed that the country is working with both local and international counter-piracy partners to end criminality on its waterways.

He said: “We have a close working relationship with the United Nations Office on Drugs and Crimes (UNODC) in order to foster an integrated approach to dealing with the menace. We have also increased surveillance and have deployed world-class maritime domain awareness assets in conjunction with the Nigeria Navy and the Nigeria Ports Authority to monitor our maritime environment.”

The NIMASA DG also said Nigeria has deployed Maritime Patrol Aircraft (MPA) in cooperation with the Nigerian Air Force as well as other naval assets to patrol and monitor the country’s waterways. Peterside noted that as a signatory to all IMO instruments and regulations relating to maritime security, the nation is committed to their compliance in order to stop piracy and criminality on the high seas. Conclusively, Peterside said the country is aware of the grave danger posed by piracy and maritime crimes to life, navigational safety and the environment saying this is why NIMASA is strengthening the Regional Rescue Coordination Centre located in Nigeria as well as enhance information sharing activities.