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Economy

Lagos State Projects N2.96trn Revenue In 2025

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Lagos

Lagos State Projects N2.96trn Revenue In 2025

Lagos State projects N2.96trn revenue in 2025. Ope George, Lagos commissioner for economic planning and budget, says the state is targeting N2.96 trillion revenue in 2025.

George announced the target on Wednesday during the annual ministerial press briefing, marking the second year in office of Babajide Sanwo-Olu, governor of Lagos.

The target is 42.7 percent above the N2.08 trillion revenue recorded by Lagos state government in 2024
George also outlined the ministry’s achievements, highlighting its focus on fostering innovation, data-driven governance, and inclusive planning.

“Our focus is long-term. From strengthening fiscal discipline to expanding access to essential services, every decision is about ensuring no Lagosian is left behind,” the commissioner said.

He also highlighted the strong fiscal growth and responsive budgeting evident in the state’s revenue drive and capacity of the ministry as the engine room of the state’s economic thrust.

“The ministry through the budget department facilitated a significant increase in Lagos state’s total revenue from N2.08 trillion in 2024 to N2.968 trillion (projection) in 2025 — demonstrating improved fiscal planning,” George said.

“The 2024 fiscal year closed with an 87 percent budget performance rate, reflecting prudent fiscal management and efficient implementation across key sectors.”

The commissioner said the government implemented robust social protection measures in response to rising economic pressures.

“N130 billion was disbursed to over 18.5 million Lagosians through various programmes, including the Ounje Eko food subsidy programme, which has enhanced access to affordable, nutritious food for low-income households, as well as transport subsidy allowance following fuel subsidy removal,” George said.

He said the ministry enhanced the delivery of various interventions by integrating the Lagos State Social Register (LASSR) with the national identity number (NIN), improving the accuracy of beneficiary targets.

George added that the ministry launched several digital tools, including the LSDP 2052 implementation reporting dashboard, which tracks over 280 development initiatives across all ministries, departments and agencies (MDAs) in real-time, and the EKO360 app, deployed in all 57 LGAs and 59 MVAA centres to support real-time data collection and reporting.

‘LAGOS SECURED FUNDS FOR FLOATING SOLAR POWER’

The commissioner said that through its partnership with the European Bank for Reconstruction and Development, Lagos has secured funds to implement a floating solar power project, marking strides in environmental resilience and sustainable development.

Also, he said the office of climate change and circular economy has generated over 1,600 jobs, diverted 20,000 kilograms (kg) of waste from landfills, and prevented 10,000 kg of carbon emissions.

The commissioner noted that its programs, Eco-Circulate and ECONexus, are helping over 5,000 small and medium enterprises (SMEs) transition to sustainable, circular business models.

Lagos

Lagos

He further said the 2025 Lagos economic development update (LEDU) affirms Lagos’ status as Africa’s second-largest economy by purchasing power parity (PPP), and Sanwo-Olu’s administration reaffirms its commitment to good governance and inclusive growth.
“Lagos is not just growing—it is evolving into a model of what a 21st-century African city can become,” the commissioner said.

Gbenga Omotoso, commissioner for information and strategy; Lekan Balogun, special adviser to the governor on economic planning and budget; Olayinka Ojo, permanent secretary in the ministry of economic planning and budget; and Olumide Sogunle, permanent secretary in the ministry of information and strategy, along with other top officials from both ministries, attended the conference.

On April 14, the Lagos state government signed a memorandum of understanding (MoU) with the Rural Electrification Agency (REA) to expand solar power generation and distribution across the state.

Economy

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

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Lagos Assembly

Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition

Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.

The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.

Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.

He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.

“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly

Lagos Assembly

“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”

Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.

Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.

He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.

Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.

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Crime

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

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EFCC Probes Man

EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video

EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC,   on Tuesday, February 3, 2026  arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.

Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC Probes Man

EFCC

Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.

The suspect will be charged to court upon conclusion of investigations.

Dele Oyewale
Head,  Media & Publicity
February 3, 2026

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Economy

Access Bank Gets New Board Chair Ifeyinwa Osime

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National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

National Bank Of Kenya

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

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