The move to establish the South West Development Commission scaled second reading on Wednesday at the House of Representatives.
Bills seeking the establishment of similar commissions for the South-south and South-east are also still receiving attention in the House.
The same move is ongoing in the Senate where bills to establish commissions for other regions of the country are at various legislative stages.
Already, Nigeria has development commissions for the Niger Delta and the North-East.
The south-west commission, if established, will be charged with the responsibility, among others, of receiving and managing funds from the federal government.
It would also address infrastructural and ecological challenges in the region.
A host of the lawmakers who contributed to the debate on the bill argued that Lagos, the home state of the speaker, Femi Gbajabiamila, being an economic hub of the country, deserves a sustainability fund.
Hence, they said the establishment of this commission would guarantee funds for the development of the state and the South-west region as a whole.
The South-west zone consists of Lagos, Ogun, Oyo, Osun, Ondo, and Ekiti states.