Lagos Saved N118.32 bn but Lost N19.72 bn to Fire

Lagos State government announced that it saved **N118.32 billion** in the 2023/2024 fiscal year through cost‑cutting measures, but also suffered a **N19.72 billion** loss after a major fire destroyed goods and infrastructure at the Alaba International Market, one of the city’s largest electronics hubs. The fire, which broke out in early 2024, caused extensive damage to warehouses and merchandise, leading to the reported financial hit. Views Nigeria