Business
Sanwo-Olu Tasks Lawmakers, Civil Service to Effectively Implement N3.366trn 2025 Budget
The budget allocates N1.3 trillion for recurrent expenditure and N2.07 trillion for capital projects, with the financial year ending on December 31, 2025.
“I would like to call for continued collaboration between the Executive, who will implement the budget, and the Legislature, who will provide the much-needed monitoring and oversight and ensure that we achieve the greatest good for the greatest number of our people with the limited resources available to us.”
Lagos State Governor Babajide Sanwo-Olu, made the appeal today after he has signed the N3.366 trillion 2025 “Budget of Sustainability”, into law at the Lagos House in Ikeja on Thursday, January 9, 2025.
He said:” “On our part as the Lagos State Government, we will also live up to the responsibility of delivering governance that is respectful of and responsive to the people at all times.
I am charging the civil service and all other concerned stakeholders to once again deliver an impressive level of budget implementation in 2025.”
Sanwo-Olu said that the budget was structured around five key pillars, which are Infrastructure Sustainability; Economic Diversification; Social Inclusion and Human Capital Development; Environmental Sustainability; and Governance and Institutional Reforms.
The governor urged Lagos residents to join hands with his administration as it deploys resources in line with the provisions of the budget.
Governor Sanwo-Olu commended the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, the state lawmakers, unseen heroes, and others who participated from the preparation of the budget to the presentation, the passage, and the signing of the appropriation bill.
The Chairman of the House of Assembly Joint Committee on Appropriation and Finance, Sa’ad Olumoh, said the budget will focus on the development of Lagos State.
Olumoh said: “This budget was meticulously looked through during the budget defence period.
Everything we did, we did it together to ensure that we got to where we are. We have carefully looked into the electricity bill. We have looked into the issue of variation, and we have looked into so many things that are dear to the government.
“We celebrate you and appreciate what you have done in terms of road infrastructure, and we want to pray that you continue in this light.”
The Lagos State House of Assembly, on Monday, January 6, approved a budget of N3.366 trillion for the 2025 fiscal year, injecting an additional N360.88 billion into Sanwo-Olu’s initial proposal of N3.005 trillion.
The budget allocates N1.3 trillion for recurrent expenditure and N2.07 trillion for capital projects, with the financial year ending on December 31, 2025.
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
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Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
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