By OLOWOOPEJO MONSURUDEEN

LAGOS — THE Lagos State House of Assembly, yesterday, approved N7.5 billion supplementary budget to increase the 2013 budget from N499.605 billion to N507.105 billion.

The lawmakers also approved for the executive, the buy-back of Lekki Concession Company, LCC, the concessionaire handling the 49.63 kilometre Eti-Osa-Lekki -Epe expressway.

The approvals were made  after an emergency plenary session to address the letter sent by Governor Babatunde Fashola, to bridge the financial gap that arose a few months after the 2013 budget was signed into law.

The approvals followed after a question and answer session with the commissioners for Budget and Economic Planning, Finance and Works and Infrastructure, Mr. Ben Akabueze, Mr. Ayo Gbeleyi and Dr. Obafemi Hamzat, respectively, who were invited to defend the request of the state government.

Speaking after approving the supplementary budget, Speaker of the House of Assembly, Mr. Adeyemi Ikuforiji, said purchase of the LCC will afford the state government the opportunity to take full ownership of the entire contract including the decision to collect toll on the ever busy road. On his part, Gbeleyi, while addressing the House, said: “The figure of the buy-out is about N15 billion. N6.8 billion would be paid by the state government to service the debt obligation. We have made provision to pay N3.5 billion to the third party liability. With this, there would not be anyone holding shares in the company except the state government.”

Similarly, Hamzat said “with the buy-back, the state government now owns the company one hundred per cent.”