Business

FG to cut COP29 expenditures by N10bn – Official

Ngelale said the government has opted out of purchasing a showcase pavilion, which cost nearly $500,000 at COP28 in Dubai…

Published

2 years ago

August 21, 2024

OCHEFA

472 Views

▪︎ Photo credit: State House/ COP28 in Dubai

Prudent spending during the upcoming 2024 United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, will save Nigeria over N10 billion.

The Special Presidential Envoy on Climate Action, Ajuri Ngelale, stated this yesterday at the State House, Abuja.

He announced plans to ensure prudent spending during the conference.

Ngelale said the government has opted out of purchasing a showcase pavilion, which cost nearly $500,000 at COP28 in Dubai, and will instead utilize the delegation office within the conference complex for bilateral meetings.

This decision alone, according to Ngelale, who was accompanied to the briefing by the Director-General of the National Council on Climate Change (NCCC), Dr Nkiruka Maduekwe, will save nearly 90% of the pavilion’s cost.

Additionally, the administration has implemented the Climate Accountability and Transparency Portal, which will eliminate wasteful expenditures on consultancies and subcontracts for lighting and technological provisions.
Ngelale attributed the cost-cutting measures to President Tinubu’s commitment to transparency and accountability.

Business

Naira Rates To Dollar , Pound, EURO… Monday, October 5

Published

4 hours ago

October 5, 2026

OCHEFA

11 Views

Black Market Exchange Rates

₦1365DOLLAR (USD)

₦1820POUND (GBP)

₦1535EURO (EUR)

₦970 CANADIAN DOLLAR (CAD)

₦65 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED)

₦190 CHINESE YUAN (CNY)

₦100 GHANAIAN CEDI (GHS)

West African CFA ₦2300CFA

Central African CFA ₦2200

Australian Dollar currency ₦850AUSSIE (AUD)

Official CBN Exchange Rates

DOLLAR (USD)₦1330.10

POUND (GBP)₦1759.58

EURO (EUR)₦1496.76

SWISS FRANC (CHF)₦1605.62

JAPANESE YEN (JPN)₦8.45

CFA FRANC (XOF)₦2.29

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1801.60

CHINESE YUAN (CNY) ₦198.39

SAUDI RIYAL (SAR)₦354.25

SOUTH AFRICAN RAND (ZAR)₦79.91

Business

Diesel Costs Bite: LAMATA Accelerates Shift To CNG, Electric Buses

The move comes as diesel prices have more than doubled, rising from about N950 per litre at the beginning of the year to between N1,950 and N2,100 per litre, depending on the source.

Published

17 hours ago

October 4, 2026

OCHEFA

19 Views

Lagos is accelerating its transition away from diesel-powered public transport as the Lagos Metropolitan Area Transport Authority (LAMATA) begins phasing out diesel buses from its regulated fleet, amid a surge in diesel prices that has pushed operating costs sharply higher.

LAMATA is targeting clean-energy propulsion for 52 per cent of its Bus Rapid Transit (BRT) fleet by 2050, with compressed natural gas (CNG) and electric vehicles (EVs) taking the place of conventional diesel buses under a policy that took effect at the beginning of 2026.

The Managing Director and Chief Executive Officer of LAMATA, Mrs. Abimbola Akinajo, disclosed this weekend, during the handover of 20 additional high-capacity CNG buses under the Presidential Initiative on CNG and EVs.

The latest delivery brings LAMATA’s CNG fleet to about 170 buses, following the deployment of approximately 150 CNG buses before the new vehicles were received.

The authority also operates high-capacity and medium-capacity electric buses.

Akinajo said some of the new CNG buses would be deployed on the busy Ikorodu–Tafawa Balewa Square corridor, where passenger demand remains high.

“We will only work with CNG or EV buses, and this has been the policy since the beginning of the year,” she said.

The move comes as diesel prices have more than doubled, rising from about N950 per litre at the beginning of the year to between N1,950 and N2,100 per litre, depending on the source.

For LAMATA, the shift is therefore not only an environmental policy but also a cost-management strategy aimed at shielding commuters and transport operators from the impact of rising fuel expenses.

Akinajo said regulated public transport fares had not been increased, partly because the lower operating costs of CNG and electric buses were helping to contain the pressure on operators.

“Regulated public transport fares have not increased, and these buses have helped us achieve that,” she said.

Diesel phase-outUnder the new policy, existing diesel-powered buses in the regulated system will be progressively replaced with CNG and electric alternatives.

Akinajo said the long-term direction was for the regulated system to ultimately operate an entirely electric fleet, while the broader clean-energy target provides a pathway towards reducing emissions from Lagos’ transportation sector.

Transportation remains a major source of emissions in the megacity, making the switch to cleaner buses a key component of Lagos State’s long-term ambition of achieving net-zero emissions by 2050.