Economy
Lagos Budgets N1.046tr for 2018, Targets N720b IGR
By Modupe Gbadeyanka
Governor Akinwunmi Ambode of Lagos State on Monday presented a budget of N1.046 trillion for the 2018 fiscal year to the state House of Assembly.
In the appropriation bill tagged ‘Budget of Progress and Development,’ 67 percent was earmarked for capital expenditure, while 33 percent was allotted for recurrent expenditure.
While addressing the lawmakers, the Governor promised to complete all ongoing projects in the state as well as initiate new ones to consolidate on the development recorded in the last 30 months of his administration.
He said more effort would be placed on infrastructure, education, transportation/traffic management, security and health sectors.
In addition, the state government will do more for civil servants though mandatory capacity building, which would be extended to all teachers in public secondary/primary schools, officers in the health service sector and women & youth empowerment alongside Medium and Small/Micro Size Entrepreneurs (MSMSE’s).
Outlining the key components of the budget, Governor Ambode said capital expenditure would gulp N699.082billion while N347.039billion would be dedicated to recurrent expenditure.
He said despite the modest achievements recorded in 2017, there was still much work ahead, assuring that government would not relent in its efforts to give Lagosians the best by way of continuous and efficient service delivery.
“Lagos has always been a trailblazer and we must consolidate on the economic gains made so far by initiating people-friendly programmes and projects that will attract more economic improvement in Y2018.
“It is our resolve in Y2018 to strive and complete all on-going projects in order to meet their specified completion period and embark on new strategic projects.
“We intend to improve on our Internally Generated Revenue (IGR) in the face of the dwindling accruable revenue allocation from the Federal Government, sustain our vision on wealth creation and poverty alleviation,” Mr Ambode said.
The Governor also listed key projects captured in the 2018 budget to include the Agege Pen Cinema flyover; alternative routes through Oke-Ira in Eti-Osa to Epe-Lekki Expressway; the 8km regional road to serve as alternative route to connect Victoria Garden City (VGC) with Freedom Road in Lekki Phase I; completion of the on-going reconstruction of Oshodi International Airport Road into a 10-lane road and the BRT Lane from Oshodi to Abule-Egba.
On infrastructural renewal, Mr Ambode said his administration remains committed to sustaining the tempo of continuous construction, rehabilitation, upgrading and maintenance of network of roads across the state including those within the boundary areas of Lagos and Ogun States and that the bus reform initiative would be consolidated with the introduction of high and medium capacity buses, construction and completion of bus depots at Oshodi, Anthony, Yaba and many others.
He also said the movement of Mile 12 market to Imota had reached an advanced stage and would be completed in good time to pave way for relocation next year, while the 181 Local Government roads will be commenced as contractors will be mobilized immediately, as well as continuous gridlock resolution, junction improvement, construction of more laybys and advancement of signalization that will improve traffic congestion especially along the Lekki-Epe corridor.
In the area of job creation, the Governor said the government would construct an ICT Focus Incubator Centre in Yaba, commence the development of Imota and Igbonla Light Industrial Park as well as the provision of additional small scale industrial estate at Shala, while the State Employment Trust Fund will disburse more funds to Lagosians to support business and stimulate the economy.
Mr Ambode also assured that his administration will vigorously pursue its planned direct intervention in the power value chain towards generating 3,000MW Embedded Power Programme within a three-year plan to achieving 24/7 power supply for the state, stressing that the challenge of inadequate power supply must be resolved for the economy to perform optimally.
He said within the 2018 fiscal year, the government would continue to rekindle its efforts in the area of tourism, sports, arts and culture as well as embark on some major projects that would ensure that the state emerges as the hub for tourism, sports and entertainment.
He listed some of the projects to include completion of the five new art theatres; establish a heritage centre at the former Federal Presidential State House recently handed over to the state government; build a world class museum between the former Presidential Lodge and the State House, Marina; fast-track construction of the proposed four new stadia in Igbogbo, Epe, Badagry and Ajeromi Ifelodun (Ajegunle) and complete the on-going Epe and Badagry Marina projects.
On housing, the Governor said all on-going projects especially those at Gbagada, Igbogbo, Iponri, Igando, Omole Phase I, Sangotedo and Ajara-Badagry would be completed for delivery under the rent-to-own policy.
While acknowledging the cooperation and support received from Lagosians, members of the business community, professional bodies, non-governmental organizations and the state civil servants in years past, the Governor noted that the modest achievements by his administration within a short period couldn’t have been possible without residents who have been paying their taxes willingly and faithfully.
Besides, Governor Ambode urged residents to embrace the Public Utility Levy as the Cleaner Lagos Initiative aimed at ensuring a cleaner and healthier environment would commence in 2018.
Governor Ambode also commended members of the House of Assembly for their selfless service and support, saying that they have proven themselves to be dynamic and robust lawmakers and partners in progress.
Giving a sectoral breakdown at a press briefing in Alausa, Commissioner for Finance, Mr Akinyemi Ashade said General Public Services got N171,623 billion, representing 16.41 percent; Public Order and Safety, N46.612 billion, representing 4.46; Economic Affairs, N473,866 billion, 45.30 percent; Environmental Protection, N54,582 billion, representing 5.22 percent while Housing and Community Amenities got N59,904 billion, representing 5.73 percent.
Mr Ashade also told journalists that Health sector got N92.676 billion, representing 8.86 percent; Recreation, Culture and Religion got N12.511 billion, representing 1.20 percent; Education got N126.302 billion representing 12.07 percent, while Social Protection got N8.042 billion representing 0.77 percent.
Receiving the budget, Speaker of the House, Mr Mudashiru Obasa, commended Governor Ambode for faithfully executing the year 2017 budget, saying the positive impact of such had been felt across the state with various projects such as the Abule Egba, Ajah and Pen Cinema Flyovers, among other numerous projects in various sectors.
Mr Obasa, who specifically lauded the fact that the 2018 budget estimate had provision for continuous infrastructural development in various sectors such as transport, security, environment, housing, health and capacity building for all public servants including teachers and health workers, however assured that the House would scrutinize it and ensure that the budget delivered on its promises to stimulate the economy of the state by focusing on infrastructure development, delivering inclusive growth and prioritizing the welfare of all Lagosians.
The event was attended by dignitaries in the State including members of the state executive council led by the Deputy Governor, Dr Idiat Adebule, former Speakers of the Lagos State House of Assembly, members of the National Assembly from Lagos State, former Deputy Governors of the state, party chieftains, traditional rulers, religious leaders, among others.
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
By Aduragbemi Omiyale
Lagos State is currently agog because of the high-profile guests in the city for the Invest in Lagos Summit 3.0 commencing today, Monday, June 8, 2026.
The programme, which ends tomorrow, is themed Lagos: Business Gateway to Africa. It will feature a line-up of sessions focused on Lagos as Africa’s Global Gateway, the Future of Technology and Innovation, Unlocking Investment, Building the Cities of the Future, Global Partnerships for Growth, Talent, Creativity and Culture, and Energy and Sustainability.
The event is being put together by the Lagos State government and Commonwealth Enterprise and Investment Council (CWEIC).
The venue of the summit, Eko Hotel and Suites, is already lively, with the Lagos State Governor, Mr Babajide Sanwo-Olu; the Minister of Finance and Coordinating Minister for the Economy, Mr Taiwo Oyedele; the co-chair of the Lagos Finance and Investment Council (LFIC), Aigboje Aig-Imoukhuede; and the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, amongst others expected to speak.
The workshop is designed to position Lagos as Africa’s premier destination for investment, trade, innovation, infrastructure development, and economic partnerships.
It is focused on unlocking investment opportunities and accelerating sustainable economic growth. It will bring together high-level participants from across the public and private sectors to explore opportunities in technology, infrastructure, energy, manufacturing, finance, creative industries, and urban development.
According to the Lagos Commissioner for Information and Strategy, Mr Gbenga Omotoso, the programme has been carefully structured to move beyond conversations and focus on actionable outcomes that can stimulate investment inflows into Lagos State.
He said the conference will provide a platform to showcase the state’s investments in transportation, technology, energy, manufacturing, tourism, and urban development, while also highlighting opportunities for local and international investors.
“Invest in Lagos 3.0 is more than a conference; it is a strategic platform designed to connect investors with opportunities, facilitate meaningful partnerships, and showcase Lagos as Africa’s most attractive investment destination.
“Through this summit, we are bringing together government leaders, global investors, development institutions, and business executives to explore opportunities that will unlock growth, create jobs, and accelerate economic development across Lagos and Nigeria,” the Commissioner, who doubles as the Head of the Media Subcommittee, stated.
The gathering will also feature investment pitches by governors, exhibitions by participating organisations, networking opportunities, a gala dinner, and site visits to major infrastructure and industrial projects, including the Dangote Petroleum Refinery, Lagos Free Zone, Lagos Port, and RusselSmith’s advanced manufacturing facility.
By Adedapo Adesanya
The federal government has expressed readiness to leverage the €59 million West Africa Sustainable Ocean Programme (WASOP) as part of intensified efforts to combat illegal, unreported and unregulated (IUU) fishing while strengthening sustainable management of its marine resources.
The Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, made this known in Abuja during a meeting with the European Union Ambassador to Nigeria, Mr Gautier Mignot, where both sides reaffirmed their commitment to deepening cooperation on maritime security and sustainable ocean governance.
Welcoming the EU Ambassador, Mr Oyetola commended the group for its longstanding partnership with Nigeria, particularly its support for maritime stability in the Gulf of Guinea, a region critical to global shipping and regional economic development.
He noted that the West Africa Sustainable Ocean Programme (WASOP) presents a timely opportunity to strengthen coordinated action against illegal fishing, improve ocean governance, and promote sustainable exploitation of marine resources across West Africa.
He said Nigeria is keen to fully engage with the programme to attract technical and financial support that will enhance enforcement capacity and boost the country’s blue economy ambitions.
The Minister stressed that illegal fishing remains a major threat to the marine ecosystem and coastal livelihoods, warning that IUU fishing continues to deplete fish stocks, undermine food security, and erode the economic well-being of coastal communities.
He said: “Illegal, unreported, and unregulated (IUU) fishing is a direct threat to national security, food sovereignty, and the survival of our coastal communities. We cannot afford to stand by and watch our marine ecosystems be depleted and economic livelihoods eroded.
“We are calling for an era of stronger international collaboration, backed by aggressive monitoring and uncompromised enforcement systems, to permanently dismantle these illicit operations and safeguard our waters.”
Mr Oyetola also highlighted ongoing reforms in Nigeria’s maritime sector under the National Policy on Marine and Blue Economy, which prioritises innovation, private sector investment, and sustainable development of ocean resources.
He referenced key milestones in the sector, including improvements in port operations and logistics, as well as enhanced maritime security.
He further noted that Nigeria is strengthening initiatives aimed at expanding its maritime infrastructure and improving competitiveness in global trade.
The Minister also reiterated the need for broader cooperation beyond piracy control, urging development partners to support Nigeria in addressing environmental crimes, human trafficking, and illegal fishing in a more integrated and coordinated manner.
He sought increased technical assistance from the European Union, particularly in surveillance systems, fisheries monitoring, and enforcement capacity to strengthen Nigeria’s ability to curb IUU fishing across the Gulf of Guinea.
On his part, Mr Mignot reaffirmed the European Union’s commitment to strengthening maritime cooperation with Nigeria and supporting regional efforts to ensure safer and more sustainable oceans.
He highlighted the West Africa Sustainable Ocean Programme (WASOP), a major EU-funded initiative designed to promote integrated ocean governance, sustainable fisheries management, and protection of coastal and marine ecosystems across West African countries.
According to him, the programme will support improved coordination among coastal states, strengthen enforcement mechanisms, and promote a more inclusive and sustainable blue economy in the region.
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