Well, I've found a way around it. I wrapped it in a Python script, as shown below:
from subprocess import Popen
from os import remove
def tts(text_file, wav_file, mp3_file):
    Popen(["espeak", "-v", "en-uk", "-f", text_file, "-w", wav_file]).communicate()
    Popen(["lame", "--ta", "nwaomachux", "--tt", "Latest Update", wav_file, mp3_file]).communicate()
    remove(wav_file)
    remove(text_file)
if __name__ == '__main__':
    wav_ = '/home/nwaomachux/Dropbox/news_update.wav'
    mp3_ = '/home/nwaomachux/Dropbox/news_update.mp3'
    txt_ = '/home/nwaomachux/Dropbox/news_upd.txt'
    tts(txt_, wav_, mp3_)
Please I'm open to suggestions and corrections. What I was able to achieve here is to output to .mp3 format without having to go through the ffmpeg I earlier wanted.