Market News

The Nigerian government spent N8.73 billion keeping the lights on at airports in 2024, mainly at the new international terminal of Abuja’s main airport. This information comes from BudgIT’s GovSpend report released on Wednesday..

Most of the money went to a company called J. Marine Logistics Ltd for providing power. They were paid:

• N5.67 billion for power between March and September 2023
• N2.19 billion in May 2024 for October to December 2023
• Another N874.42 million on the same day

The Abuja airport has had ongoing problems with electricity, which has affected important things like runway lights, baggage systems, and security equipment. These problems have been especially worrying at night and during busy travel times.

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Looking ahead, the government has set aside N105.95 billion for aviation in 2025, which is much more than the N63.32 billion spent in 2024. This includes N5 billion to improve power supply at airports in Lagos, Abuja, and other places, and another N5 billion for aerospace facilities in Abuja.

The Aviation Minister, Festus Keyamo, revealed in May 2024 that just running the Lagos airport takes N1 billion in electricity costs every month. He said they’re working on using solar power instead of diesel to save money. “Lagos airport alone, I am told, we spend N1bn monthly on electricity. That is still something I am trying to crack,” he said.