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Sanwo-Olu Fine-tunes N2trn State Budget For 2024

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Lagos State Governor, Babajide Sanwo-Olu has revealed plans to present an extraordinary state budget surpassing N2 trillion for the 2024 fiscal year to the state House of Assembly.

This historical move signifies a never-before-seen accomplishment among Nigerian states, marking a significant milestone in budgetary history.

He made this revelation during the 8th Lagos Corporate Assembly, themed “Babajide Olusola Sanwo-Olu, BOS Meets with Business Community,” at Lagos House, Alausa, Ikeja on Friday.

The previous budget the governor enacted into law amounted to N1.76 trillion in January 2023.

Sanwo-Olu emphasized that the forthcoming budget would surpass N2 trillion, citing a need for a N7 trillion budget in 2024 to address infrastructure gaps and more.

He acknowledged the current shortfall, stating that the state hasn’t reached that level yet.

Despite global business uncertainties, the governor reaffirmed his administration’s commitment to fulfilling promises made during the campaign by diligently working towards their set goals without excuses.

He said “The demands from the report gathered from Ministries, Departments and Agencies, MDAs, shows that if we have the resources, at least N7 trillion will be needed for the year 2024 budget to meet the state’s infrastructural challenges and other basic amenities.

“Though, we are proposing over N2 trillion budget size for the year 2024 to be presented to the state House of Assembly soon and we are having demand of N7 trillion. Our revenue is far from it. That’s one of the challenges we are having presently. We want to fix roads and do it rightly.”

In his address, the governor underscored the necessity of leveraging modern technology and implementing lasting policies.

He highlighted the government’s unanticipated challenge of the current inflationary rate, emphasizing their primary focus on meeting the people’s needs amid a speculative market environment.

“We are, where we are today and if we don’t get it right here it will have dire consequences on our country. We can have handshake with Federal Government. Mr. President, in recent times have embarked on trips abroad to canvass for investors to open up Nigeria’s economy as part of the Renewed Hope Agenda.

“We can’t give excuses, we need to work together. We are running against time. I have a political timeline I am working with. We can’t afford to fail. We will need to work together and identify the way forward. We should be able to solve some of our challenges through your ideas and submissions,” he added.

Mrs. Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperative, Trade, and Investment, expressed the significance of the corporate assembly as a vital platform facilitating engagement between the public and private sectors.

She highlighted its role in fostering interaction between the state government and the business community, discussing critical matters pivotal to the industrial and commercial growth of the State.

Ambrose-Medebem acknowledged that the prominence Lagos State enjoys today wouldn’t have been achievable without the significant contributions of the Organised Private Sector in the State.

She said “This is why the administration will continue to deepen collaboration with OPS stakeholders, not only to sustain the existing level of growth but also to accelerate the momentum of the State’s development.”

 

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NNPC Reveals Sokoto Healthcare Intervention as September Profit Hits ₦509bn

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The Nigerian National Petroleum Company (NNPC) Limited has disclosed its support for healthcare infrastructure in Sokoto State through the donation and subsequent handover of an Infectious Diseases Hospital (IDH) to the state government.

The development was contained in the company’s September 2026 Monthly Operations and Financial Report, which also highlighted its financial performance, oil and gas production, pipeline infrastructure and other operational activities.

According to the report, the Sokoto State Commissioner for Health visited the NNPC Foundation and NNPC Limited on September 1, 2026, to present a letter of appreciation to the Foundation for donating the Infectious Diseases Hospital and handing it over to the Sokoto State Government.

SEE MORE: Tinubu Promises to Boost Local Production with NNPC Refineries

The engagement provided an opportunity for the state government to formally acknowledge the Foundation’s intervention and support towards strengthening healthcare infrastructure in Sokoto State.

The report identified the engagement as part of the NNPC Foundation’s public impact initiatives.

NNPC Records ₦509bn September Profit

On its financial performance, NNPC recorded a profit after tax of ₦509 billion in September 2026, representing an 18.1 per cent increase compared with the previous month.

The company’s revenue also rose to ₦4.608 trillion from ₦3.74 trillion recorded in August, representing an increase of approximately 23.2 per cent.

Cumulative statutory payments to the Federation increased by 17.4 per cent, rising from ₦9.49 trillion between January and August to ₦11.14 trillion between January and September 2026.

Crude Oil and Gas Production

The report showed that average crude oil and condensate production stood at 1.70 million barrels per day during the period.

Natural gas production increased to 7,789 million standard cubic feet per day, while total hydrocarbon production reached 3.04 million barrels of oil equivalent per day.

The monthly operational summary also presented production and sales trends for crude oil, condensate and natural gas.

Pipeline Infrastructure Records Progress

On infrastructure development, NNPC reported 100 per cent availability of its upstream pipelines.

The company also disclosed that the Obiafu-Obrikom-Oben (OB3) Gas Pipeline had reached 100 per cent completion, while the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline stood at 95 per cent completion.

According to the report, the OB3 River Niger Crossing pipeline had been commissioned and operationalised.

For the AKK pipeline, NNPC said sustained collaboration with stakeholders was helping to accelerate construction and pre-commissioning activities towards achieving early gas delivery to Abuja in 2026.

NNPC Reports 54% Retail Station Availability

The report also highlighted the availability of petrol at NNPC retail stations across the country, putting the nationwide Premium Motor Spirit (PMS) availability level at 54 per cent.

A geographical map showing retail station availability across different parts of Nigeria was included in the monthly operational summary.

NNPC Outlines Strategic Production Efforts

On efforts to sustain production growth, NNPC listed accelerated restoration of shut-in wells and facilities, production optimisation and well interventions among its priorities.

The company also highlighted efforts to strengthen facility reliability and preventive maintenance, address infrastructure and operational constraints, improve community engagement and resolve storage, tank-top and export infrastructure challenges.

These measures, according to the report, are aimed at sustaining production growth and improving operational efficiency across its oil and gas assets.

 

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Nigeria Must Create Jobs Before Graduates Leave School, Ex-NLC Chief Tells FG

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Former General Secretary of the Nigeria Labour Congress (NLC), John Ejoha Odah, has urged the Federal Government to develop a comprehensive employment strategy that provides jobs for young Nigerians before they graduate from educational institutions.

Odah said the government must adopt proactive employment planning by projecting the number of graduates expected to enter the labour market annually and making adequate arrangements to absorb them.

He made the call during an appearance on NTA’s Good Morning Nigeria on Wednesday, where he blamed the country’s persistent unemployment challenge on the failure of successive administrations to sustain national development plans.

ALSO SEE: Nigeria’s Unemployment Rate Drops To 4.3% In Q2 2024 – NBS

According to him, Nigeria’s political leadership has abandoned young people to their fate by failing to implement deliberate policies that create employment opportunities.

“The fundamental problem that we have in this country is the fact that our ruling elite have abandoned the Nigerian youth to their fate,” Odah said.

He explained that Nigeria previously operated five-year national development plans, which enabled the government to anticipate future employment needs and make arrangements for young people expected to graduate within two to five years.

The former NLC leader traced the worsening unemployment situation to the abandonment of national development plans between the late 1970s and 1985.

He also recalled the establishment of the National Directorate of Employment (NDE), explaining that the agency was created as a stopgap measure to provide employment and self-employment opportunities for young Nigerians.

Odah, however, stressed that the NDE was never intended to serve as the country’s primary driver of employment.

“What we need is a comprehensive employment scheme based on development programmes and industries,” he said.

He further disclosed that during his time in the labour movement, efforts were made to establish a national job summit involving the Ministry of Labour, the International Labour Organisation (ILO) and other government institutions.

According to him, the initiative produced an employment plan presented to the National Executive Council, targeting the creation of at least four million jobs within four years across the federal, state and local governments.

Odah said the proposal was developed around 2005 but was abandoned after the administration under which it was initiated left office.

He expressed concern that Nigeria has yet to establish a coherent employment strategy capable of addressing the needs of young people entering the labour market.

The former labour leader warned that failure to address youth unemployment could further encourage social challenges, including irregular migration, as Nigerians continue to seek better opportunities abroad.

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Sanusi Lists Tinubu’s Economic Gains, Reveals What Could Restore Nigeria’s 2005 Living Standards

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The Emir of Kano, Muhammadu Sanusi II, has highlighted improvements in Nigeria’s economic performance under President Bola Tinubu, saying the administration deserves credit for bringing the country back from the brink of economic collapse.

Sanusi made the remarks at the Oxford Global Think Tank conference, where he assessed the impact of the Tinubu administration’s economic reforms and acknowledged progress in key economic indicators.

SEE ALSO: Dangote IPO Will Spread Wealth Across Nigeria – Emir Sanusi

The former Governor of the Central Bank of Nigeria (CBN) pointed to the country’s 4.48 per cent Gross Domestic Product (GDP) growth in the second quarter of 2026, describing it as an improvement compared with the economic performance recorded during the administration of former President Muhammadu Buhari.

According to him, Nigeria’s economy grew by approximately 0.9 per cent during the Buhari years, while the latest growth figures indicate a stronger economic performance.

Sanusi also highlighted the decline in inflation, saying it had dropped from 30 per cent to 14.6 per cent, with projections indicating a possible reduction to 12.5 per cent by the end of 2026.

He further disclosed that Nigeria’s GDP per capita, measured in dollar terms, had increased by 47 per cent since 2023.

The Emir said sustaining the current growth trajectory could return the country’s GDP per capita to its 2005 level by the end of 2027.

“If we continue at this rate, by the end of next year, GDP per capita will be back to where it was in 2005,” he said.

On the country’s external reserves, Sanusi disclosed that they had reached $55 billion, although he cautioned that a significant portion of the inflows was driven by foreign portfolio investments, which he described as volatile.

He attributed some of the investor interest to high oil prices linked to the conflict around the Strait of Hormuz, alongside the attractive returns available in Nigeria’s financial market.

Sanusi also identified the Dangote Refinery as part of the country’s growing economic diversification, claiming that 20 per cent of Nigeria’s exports were coming from the facility.

According to him, the developments suggest that the country is laying the foundations for economic stability, although more work remains to be done.

“I’m not a fan of politicians, but we need to give credit to President Tinubu’s administration for bringing us back from the brink,” Sanusi stated.

He stressed that the progress recorded should be recognised as an initial step towards stability rather than an indication that Nigeria’s economic challenges have been fully resolved.

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