NewStats: 3,261,660 , 8,174,676 topics. Date: Friday, 30 May 2025 at 12:46 AM 4m6p61

….steps up enforcement on operation of LNG dealers over incessant explosions

Lagos State Government has disclosed that the sum of N3.911billion was realized as derivation since it became an oil producing state.

It however, noted that the production has been hampered due to current challenges faced by the company managing its exploration.

Lagos, which was listed into Nigeria’s league of oil-producing states in 2016, received a total of N3.911billion as share of the 13 per cent derivation fund.

Oil-producing states are entitled to 13 per cent derivation fund from the Federation . Others are Abia, Akwa Ibom, Bayelsa, Delta, Edo, Imo, Ondo and Rivers

The state’s Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye stated this on Wednesday, during a ministerial press briefing to mark the first year of the second term in office of the State Governor, Mr. Babajide Sanwo-Olu, at Alausa, Ikeja.

Recall that Yinka Folawiyo Petroleum Company Limited,YFP, wholly-owned indigenous firm and operator of the OML 113 offshore Lagos, which commenced the production of crude oil from the Lagos field as oil producing state.


According to Ogunleye, “Between year 2018-2019, the state government received from the Federal Government N131 million as part of oil derivation.

“And, between year 2020-2021, the Lagos state government received N3.78 billion. But the owners of the assets have being having issues among themselves. And as long as they could not produce, there will be no money for Lagos State.

“The state government is engaging them to ensure that they return to the field. And we hope that before the end of this year, they will find new technical partners and they can go back to production.”

Meanwhile, following the incessant gas cylinder explosions with attendant casualties in the state, Oguleye said the state government will soon embark on strict enforcement exercise aimed at ensuring compliance with regulation of the Liquefied Natural Gas vendors in the state.

“We have concluded plans through our enforcement team to embark on strict enforcement of all regulation guiding the operation of LNG among dealers, in the next two weeks, in order to restore sanity as well as further ensure safety of lives and property of citizens.”


Ogunleye, however, assured residents that the Sanwo-Olu led istration will continue to promote and develop sustainable policies for mineral resources to ensure availability of reliable energy to all residents and making the state a 21st century economy.

He also said the state government would continue to move for the alternative to ensure the provision of affordable clean energy for all residents.

Stressing on the community electrification programme, the commissioner said the governor has approved the procurement of 20,000 units of pre-paid energy metres for targeted low-income communities in the state.

“Approval was further expanded to utilize funding to catalyse full metering across the state via collaborations with electricity Distribution Companies in Lagos with a leading smart metering solution company, (names-withheld),” he stated.

Ogunleye said the state government was looking forward to the emergence of a new era of energy governance and regulations that would make clean electricity available for all residents as the new Lagos electricity bill has been ed by the state House of Assembly.

The commissioner also noted that in the last one year the ministry had embarked on stakeholders’ engagements on security of public infrastructure, maintenance of solar hubs in schools, Primary Health Care Centres, community intervention programme, unbundling of Ibile oil and gas, among other initiatives.

https://www.vanguardngr.com/2024/05/oil-derivation-lagos-govt-realises-n3-9bn-from-production/#google_vignette

Good

Great.

lol…nice one…delta and bayelsa state have nothing to show for the huge allocation they’ve been collecting for years

Today's may 9th, old stale news hitting fp.

Which Oil 🤔

At 4 am, you are up looking for news about Lagos to praise this government. Well done! I hope Sanwo-Olu is paying you for all this.

BarrElChapo:
Today's may 9th, old stale news hitting fp.

The news was published May 8 on vanguard so it’s not a stale news.

Audio production …same way they said last week Lagos paid waec fees for 56,000 SS3 students. Lies and propaganda can never give you except to deceive their ers who were foolish enough to believe “ tinubu go favor them

SANWO OLU ..... EKO TI BA JE OOOOO !!!

Shey lagos na oil producing state? Nothing good to write home for oil producing states as Nigeria continue to make lagos the centre

13% derivation fund.. this is ripoff.

A state that owns its resources needs at least 70% derivative fund and 30% to federal govt..

But the owners of the assets have being having issues among themselves

So no production for now

Okuruman:
Shey lagos na oil producing state? Nothing good to write home for oil producing states as Nigeria continue to make lagos the centre

See question.

Lagos is an oil producing state, you should know that by now and besides, what's stopping you from reading the article?

BarrElChapo:
Today's may 9th, old stale news hitting fp.

Are you sad about the news?

Just say it

Ok

Then they wil steal 4.5 billion

Ok

Hey Lagos, how far with your DEBT profile from Tinubu, Fashola, Ambode & Sanwo-Olu?

Lagos State! The more you look, the less you see!

Propaganda & lies won't help!

BarrElChapo:
Today's may 9th, old stale news hitting fp.

E pain am.

Ok

Okuruman:
Shey lagos na oil producing state? Nothing good to write home for oil producing states as Nigeria continue to make lagos the centre

,Imo, Anambra and Abia States produce oil too,let that sink

Which oil abeg

Let all other States published what they have been receiving:
1. From the Federal Govt quarterly Allocations since the States were Created.
2.what other States in 13% Derivations have been.
3.what the former President Buhari paid the Niger-Delta as surplus funds/ Money to them in 2023,before he left the Office.
They Cannot because most of the Governors are not able to the Nigeria Masses,as people will compares figures for figures and projects for projects!
Corruption has indeed destroyed Nigeria.
Kudos to Lagos State on this but if you need to adjust the Company- for a better performance,it's up to the State government .

great... I hope some taxes would b removed, since more money don dey enter

For 8 years? That's like one gallon of crude oil a day.