The Lagos State Government has unveiled plans to establish an Infrastructure and Contingency Wealth Fund aimed at securing the state’s long-term economic stability and sustainable growth.
Speaker of the Lagos State House of Assembly, Chief Mudashiru Obasa, announced this during a public hearing on the Lagos State Wealth Fund 2025 Bill at the Assembly Complex in Alausa, Ikeja.
Lawmaker representing Badagry Constituency 1, Mr. Solomon Bonu, described the bill as a demonstration of fiscal foresight and responsible governance, designed to transform the state’s revenue into enduring wealth.
He said it would promote technological innovation, prudent savings, and investments to ensure Lagos remains Nigeria’s economic heartbeat.
Majority Leader, Mr. Noheem Adams, who presented an overview of the bill, explained that it aligns with international best practices and provides a framework for long-term savings, project sourcing, and financial preparedness across all sectors.
Chairman of the House Committee on Finance, Mr. Saheed Obafemi, noted that the bill would strengthen infrastructure and technology while safeguarding resources for future generations.
He urged stakeholders to contribute constructive feedback to refine the proposed law.
Commissioner for Finance, Mr. Abayomi Oluyomi, added that the fund will serve as a financial buffer for emergencies, with an initial seed capital of about ₦30–₦40 billion—representing 0.5% of the state’s budget—and a 3.2% monthly contribution from Lagos’ IGR.
He projected that, if well managed, the fund’s balance sheet could eventually surpass that of the state itself.
Reporting by Olusegun Haastrup