The group managing director and CEO of CFL Group of Companies, Lai Omotola, has said that the N4.06 trillion allocated to infrastructure in the 2025 budget is too low.
President Bola Tinubu had, on Wednesday, presented a N49.7 trillion budget to the National Assembly for approval for the 2025 fiscal year, out of which N4.06 trillion was earmarked for infrastructure.
Speaking yesterday at the CFL Group’s end-of-year news conference in Maryland, Lagos, Omotola, an economic expert, when asked to comment on the allocation for infrastructure, expressed his concerns, stating that the amount was inadequate.
He argued that with projects like the Lagos-Calabar Coastal Highway in progress, the infrastructure budget should have been significantly higher.
Omotola emphasised that no economy could truly develop without adequate mobility for its people, pointing out that a nation lacking solid infrastructure could neither move goods nor people effectively, which would ultimately hinder its development.
He further stated that the government should prioritise people-oriented programmes to boost the economy.
Regarding private sector involvement, Omotola called on entrepreneurs to collaborate with the government in key sectors such as energy, aviation, agriculture, and infrastructure.
He also urged banks to become more innovative in their support for the economy.
On the role of citizens, he said: “While we cannot be denied the right to voice our opinions on the government, it’s important to recognize that change will only occur when everyone contributes their part.
We must engage in collective efforts and maintain an optimistic outlook.”
Dwelling on his company agenda to contribute to the development of Nigeria’s economy, Omotola disclosed that his company’s initiative to build one million homes in the next 10 years across the country has kicked off and they are working with different stakeholders to realise the project.
“On our part this year in spite of the odds we are able to forge ahead against all manner of business headwinds. We have expanded our property business and have been able to put together documentation for development of our property business by commencing our project name tagged The Grace Project. We project the development of one million homes in the next 10 years and we shall be partnering with different stakeholders.”
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