TEXT OF A PRESS CONFERENCE BY GOVERNOR BABAJIDE SANWO-OLU ON THE FUEL SHORTAGE AND CURRENCY CRISIS.

My dear Lagosians,

I have found it necessary to address you today, following some events in our dear country. The currency exchange and the fuel situation have, no doubt, raised tension in the land. 

First, is to thank you, dear Lagosians, for your patience and understanding in the face of the hardship that you have experienced in recent days. Your resilience has been remarkable.

On behalf of the Executive Council, I thank you most sincerely for standing firm and demonstrating your confidence in our ability to protect your interest in these difficult days.

We have taken some steps to cushion the effects of these measures that were announced at the Federal level but with telling effects on States.

There have been talks between the State Government and the Nigerian National Petroleum Corporation Limited (NNPCL) on the lingering fuel shortage. 

NNPCL demanded Ijegun Egba tank owners and operators unhindered access to the tank farms where about 40 percent of petroleum products come from. We have been able to do that by rearranging the timing of the work on the Buba Marwa Road, the dual carriageway that leads to the tank farms. The road is over 50 percent completed. Now, you would have noticed some improvement in the supply of petroleum products.

Also, we have given approval for 24 hours work at petrol stations around the State.

The CBN currency exchange deadline has, no doubt, caused some dislocation. Lagos is Nigeria’s business and financial engine room. So, we have recently felt the effects of this measure.

Thankfully, the Supreme Court has made some pronouncements on this. I praise the Judiciary for its wise ruling on this matter.

To further support Lagosians to weather these stormy days, I hereby announce the following measures:

A 50% cut in fares on all our BRT buses, LAGRIDE taxi scheme, First Mile and Last Mile buses, and Lagos Ferry Services (LAGFERRY). This will take effect from tomorrow for the next seven days. We will push out more Cowry Cards to enable more Lagosians to get on board our services.

I have directed that food banks be set up in various parts of the State to cater for the vulnerable. We will distribute foodstuff to various communities.

I would like to thank our security agencies (the Military, the Department of State Services, the Police, the Civil Defence, and the Neighbourhood Watch) for their service and diligence in these days.

I would also like to warn mischief makers who may see this as an opportunity to incite violence that this is not the way to go. I enjoin every law-abiding citizen to go about their lawful business without fear.

Thank you and God bless you all. 

Mr. Babajide Sanwo-Olu

Governor, Lagos State.

February 8th, 2023.