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
Nigeria’s oil minister orders marketers to reduce fuel price
“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, at the NMDPRA General Counsel and Legal Advisers Forum, directed petroleum marketers to reduce fuel price .
At the two-day forum themed: “Beyond Compliance: Driving Regulatory Certainty and Investment Confidence in Nigeria’s Petroleum Sector, Lokpobiri noted that refiners and marketers have continued to sell petrol at elevated pump prices despite the significant decline in crude oil prices from a peak of $120 per barrel to about $72 per barrel last week.
He said: “Following de-escalation of tensions between Iran and the United States, we expected to see a commensurate downward adjustment in the prices of PMS and other petroleum products.However, that has not yet happened.”
“While we believe that market forces will eventually restore equilibrium, the regulator also has a statutory responsibility to ensure that deregulation does not become an avenue for profiteering. This must be done in line with the extant provisions of the Petroleum Industry Act,”said Lokpobiri.
Business
Naira Exchange Rates Tuesday, 30 June 2026
BLACK MARKET RATES
US DOLLAR (USD) ₦1, 390
GREAT BRITISH POUND (GBP) ₦1,855
EURO (EUR) ₦1, 585
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 390 Sell ₦1, 395
GREAT BRITISH POUND (GBP) Buy ₦1,855 Sell: ₦1,870
EURO (EUR) Buy ₦1, 585 Sell ₦1,605
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
OFFICIAL CBN EXCHANGE RATES
US DOLLAR (USD) ₦1,383. 63
GREAT BRITISH POUND (GBP) ₦1,831.64
EURO (EUR) ₦1,578. 03
SWISS FRANC (CHF) ₦1,710.71
JAPANESE YEN (JPN) ₦8.55
CHINESE YUAN (CNY) ₦203. 65
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,872. 07
SAUDI RIYAL (SAR) ₦368.43
SOUTH AFRICAN RAND (ZAR) ₦84.24
OFFICIAL CBN EXCHANGE RATES
US DOLLAR (USD) ₦1,380. 93
GREAT BRITISH POUND (GBP) ₦1,824.90
EURO (EUR) ₦1,577. 58
SWISS FRANC (CHF) ₦1,710.13
JAPANESE YEN (JPN) ₦8.54
CHINESE YUAN (CNY) ₦203. 13
WEST AFRICAN CFA (XOF) ₦2.39
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867. 05
SAUDI RIYAL (SAR) ₦367.72
SOUTH AFRICAN RAND (ZAR) ₦83. 89
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 393 Sell ₦1, 400
GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,870
EURO (EUR) Buy ₦1, 580 Sell ₦1,600
CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370
CHINESE YUAN Buy ₦180 Sell ₦200
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460
CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
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