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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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Chevron Supports Local Capacity with $10b in 10 Years

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In the past 10 years, Chevron Nigeria Limited (CNL) has spent over $10 billion to support Nigerian companies and local capacities.

CNL’s, Chief Corporate Affairs Officer and the General Manager of Corporate Affairs Shoga Odushelu, disclosed this at the 2026 Nigeria Union of Journalists FCT Council Media Capacity Building for Energy Correspondents in Abuja.

The theme of the capacity building is “Strengthening Energy Journalism Through Knowledge, Data Accuracy and Artificial Intelligence.”

Odushelu, represented at the workshop by Victor Anyegbulike, said, “Right now, every year, we spend about $1 billion for local content. And in the past 10 years, we have spent over $10 billion supporting companies and supporting local capacities”

According to him, most of the prominent players with excellent capacity in the oil and gas industry are the offshoots of Chevron projects.

ALSO READ: FG Considers DPRP Critical to Nigeria’s $1 Trillion Economy Vision

He also recalled that, regarding Nigerian content, Chevron started local community content in 1999, before Nigerian content in 2010.

According to him, the firm, which has reduced gas flaring by 98 per cent, is ready to exit flaring completely very soon for supply to the Nigerian market.

“Where we get all those gases and make sure we put it into the Nigerian market. And we know that in doing that, we are removing all the gas that originally was flared, right?

“And we have reduced our gas flaring by 98%. The idea is for us to get to 100% very, very soon,” he said.

Besides, he revealed that as the company transitions to the Host Community Development Trust (HCDT), it is also building capacity through the HCDTs of each of the communities it operates in.

Chevron payments to its host communities, said Odushelu, have exceeded $140 million in terms of community development projects in the Niger Delta.

“Right now, over $140 million has been paid to these communities for our community development projects in the Niger Delta region,” he said.

Odushelu revealed that Chevron, in partnership with Pan-Atlantic University, was the first company to start training journalists in Lagos in 2014.

According to her, 140 journalists benefited from the programme.

Currently, he said the firm is training journalists all over Nigeria in their various fields, including the Nigeria Association of Energy Correspondents this year.

On the essence of the training, he described journalism as a very noble profession.

Chevron, he said, takes the profession very seriously because of journalists’ functions in society.

In her remarks, the NUJ FCT Council Chairman, Grace Ike, said data accuracy is the compass of journalism.

She added that in an era of abundant numbers and competing claims, credible data separates sound reporting from speculation.

Continuing, she stressed that “We must demand primary sources, verify figures, and develop the habits and tools to cross-check official statistics, company disclosures and independent datasets.

“Where numbers are unclear, we must say so and show our readers why clarity matters.

“Accurate data reporting helps hold corporations and governments accountable, protects communities from misinformation, and builds public confidence in our profession.

“Artificial intelligence is our new tool, not a replacement for our judgement, but a force multiplier when used with discernment.

“AI can rapidly analyse large datasets, identify trends, transcribe interviews, and surface documents.”

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LAMATA to Begin Full Cashless Bus Fare Enforcement in Lagos from August 1

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The Lagos Metropolitan Area Transport Authority (LAMATA) has announced that it will commence full enforcement of its cashless fare payment policy across regulated public transport services in Lagos State from August 1, 2026.

The agency said commuters who continue to pay bus fares with cash, as well as transport operators who accept such payments, may face legal sanctions under existing state regulations.

SEE MORE: Ogun Students Shut Down Abeokuta-Lagos Expressway After Colleague’s Killing

Speaking during an X Space discussion on Wednesday with transport stakeholders titled “Lagos Cashless Transit: What Aug. 1 Enforcement Means to You,” LAMATA’s Head of Legal, Idris Akinola, explained that passengers using regulated public transport are required by law to pay fares through the approved electronic payment platform, the Cowry Card.

According to Akinola, both commuters and transport operators who engage in unauthorised cash transactions could be prosecuted, stressing that the enforcement drive is aimed at improving transparency, accountability and compliance within Lagos’ public transport system.

He urged transport companies to ensure their drivers and conductors strictly comply with the policy, conduct internal monitoring and cooperate with LAMATA officials during enforcement operations.

Akinola warned that violations of the relevant laws could attract severe penalties, including prison terms of up to seven years upon conviction.

Also speaking, the Managing Director of Teejay Motors, Adekunle Tajudeen, said the company had already trained its drivers and boarding officers ahead of the enforcement, directing them not to accept cash payments from passengers.

He revealed that some drivers had previously been arrested and jailed for collecting cash fares, noting that passengers also contribute to violations by insisting on paying with cash instead of using the approved electronic payment system.

To ensure uninterrupted services, Tajudeen said the company had expanded its fleet and recruited additional drivers to replace any workers found to be non-compliant.

Transport and urban mobility expert Adepoju Fawokon said previous enforcement efforts targeted mainly drivers and failed to achieve the desired results.

He argued that both passengers and transport operators involved in cash transactions should be held accountable to reduce revenue leakages and strengthen the sustainability of Lagos’ regulated transport network.

Meanwhile, the Managing Director of Touch and Pay Technologies, Olamide Afolabi, announced measures to address complaints about incorrect Cowry Card top-ups.

He said new digital solutions, including the Carry Hub platform, a mobile application and self-service top-up kiosks located at bus and rail terminals, would enable commuters to check their balances, review transactions and top up their cards more conveniently.

Afolabi added that a postpaid and single-card payment system is expected to be rolled out before the end of the year, allowing commuters to complete online top-ups that become available instantly without first transferring funds to a physical card.

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Kidnappers Demand N200m to Free Abducted Kebbi High Court Judge

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The abductors of a Kebbi State High Court judge, Justice Faruku Bunza, have demanded N200 million as ransom for his release following his abduction from his residence in Bunza Local Government Area.

The ransom demand was confirmed on Tuesday by the Kebbi State Commissioner of Police, Umar Hadejia, and the judge’s brother, Yusuf Bunza.

Justice Bunza was kidnapped in the early hours of Sunday from his home along Zogirma Road in Bunza, prompting a swift security response.

SEE MORE: Bandits Kidnap Kebbi High Court Judge in Midnight Home Invasion

Speaking on the development, Commissioner Hadejia said police had launched an intensive operation to rescue the judge unharmed and apprehend those behind the abduction.

According to him, intelligence gathered during the operation revealed that the kidnappers were demanding N200 million for the judge’s freedom.

He disclosed that a combined team of security operatives had been deployed to comb suspected escape routes, while strategic checkpoints had been mounted across key locations believed to have been used by the abductors.

The police commissioner expressed confidence that the ongoing operation would lead to the safe rescue of Justice Bunza and the arrest of the kidnappers.

Hadejia further revealed that the family informed the police that the abductors had contacted a registrar of the High Court in Abuja to begin negotiations over the ransom demand.

Confirming the development, the judge’s brother, Yusuf Bunza, said the kidnappers had also reached out to him.

“Yes, they contacted me; they asked for N200 million from the family. We don’t know what to do now but we believe the authorities and security operatives are doing their duty to secure his release,” he said.

The abduction has heightened concerns over the security of judicial officers and the persistent threat of kidnapping across parts of the country, as security agencies continue efforts to secure the judge’s safe release.

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