FINANCE - 05 JUN 2020

Daily Briefing: Lagos State records ₦163.2 billion revenue in Q1 2020

Daily Briefing: Lagos State records ₦163.2 billion revenue in Q1 2020
Babajide Sanwo-Olu, Executive Governor of Lagos State. Source: Concordia via Flickr


Macro Economy

Lagos State records ₦163.2 billion revenue in Q1 2020

Lagos state recorded revenues of ₦163.2 billion in Q1 2020 - 56% of projected revenue for the quarter. This was an increase of ₦14.9 billion compared with Q1 2019 due to an increase in tax collections. Despite the higher revenue figure, budget expenditure for the rest of the year was revised downwards by 20%. 



FEC approves ₦2 billion consultancy fee for Abuja airport’s second runway

The Federal Executive Council (FEC) approved consultancy fees of ₦2 billion for the construction of a second runway at Nnamdi Azikiwe International Airport in Abuja. The project is planned for completion in 12 months. The airport, which is used for both domestic and international flights, has just one runway. In 2017, the airport was closed for almost two months when the single runway was damaged with potholes.



DPR restrained from auctioning 8 marginal oil fields

A Federal High Court in Lagos has restrained the Department of Petroleum Resources (DPR) from auctioning eight marginal oil fields, which had their licenses revoked in April. The oil field operators filed a motion in court challenging the revocation. The oil fields were advertised for auction by the DPR on Monday. The operators claimed to have spent over $290 million to develop these fields before the licenses were revoked.




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