BUSINESS: Lagos Gets First Revenue As Oil Producing State Next Month

Lagos State Governor, Akinwunmi Ambode, has disclosed that the state will get its first 13 percent derivation from being an oil-producing state in December, 2016.

This followed the first export of oil from the Aje oil field located offshore Lagos.

The governor, who spoke on Tuesday in Lagos, Southwest Nigeria at the International Conference and Exhibition of the Nigerian Association of Petroleum Explorationists, announced to the large gathering that the state would receive its first derivation by next months.

Represented by the Commissioner for Energy, Mr. Wale Olowu, he said the first export from the Aje oil field had happened and that the big deal was that Lagos State is anxiously awaiting its first derivation in December.

“So, in December, we will be collecting our first derivation. We cannot wait to see a lot of oil and gas come under the soil of Lagos because it will help us in the area of employment; it will help us in the area of electricity generation, which we want to do off-grid anyway, and it will also help us in making sure that our revenue continues to be diversified.

“We will continue to work to make Lagos the investment and oil and gas hub of the nation. We reassure all of you stakeholders in the industry of our commitment to provide a safe and secure environment for exploration activities that is consistent with global best practice,” he said.


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