The Lagos State House of Assembly on Thursday approved a total of N4.44 trillion as the state’s budget for the 2026 fiscal year.
The approval followed the passage of a bill authorising the issuance and appropriation of N4,444,509,776,438 for the year ending 31 December 2026.
|
|
Presenting the report during plenary, the Chairman of the House Committee on Economic Planning and Budget, Olumoh Sa’ad, said the approved spending plan consists of N2.11 trillion for recurrent expenditure and N2.34 trillion for capital projects.
Specifically, recurrent expenditure was pegged at N2,106,704,566,113, while capital spending was allocated N2,337,805,210,325, according to the committee’s report.
|
|
|
|---|
Following the passage of the bill, the Speaker of the House, Mudashiru Obasa, directed the Clerk of the Assembly, Olalekan Onafeko, to transmit a clean copy of the budget to Governor Babajide Sanwo-Olu for assent.
Governor Sanwo-Olu had earlier, on 25 November 2025, presented a proposed N4.237 trillion budget to the lawmakers. While addressing the House, he described the proposal as the “Budget of Shared Prosperity,” aimed at promoting inclusive growth and improving residents’ welfare.
“Our mission remains clear: to eradicate poverty and build a Lagos that works for all,” the governor said.
He added that the budget was anchored on four pillars: human-centred development, modern infrastructure, a thriving economy and effective governance, in line with the state’s T.H.E.M.E.S+ development agenda.
Background
The Lagos State Government began the 2026 budget process in November 2025 with the presentation of the appropriation bill to the House of Assembly, outlining fiscal priorities amid rising economic pressures and growing infrastructure demands in Nigeria’s commercial capital.
The House subsequently referred the bill to its Committee on Economic Planning and Budget, which conducted budget defence sessions with ministries, departments and agencies to scrutinise revenue projections, expenditure plans and policy alignment.
Lawmakers also reviewed key assumptions underlying the budget, including internally generated revenue, federal allocations and borrowing plans, alongside performance indicators from the outgoing fiscal year.
The review took place against claims by the state government that the N3.366 trillion 2025 budget had recorded strong implementation progress.
The Commissioner for Information and Strategy, Gbenga Omotosho, said the budget had achieved over 80 per cent performance as of September 2025.
“As of September, the budget had done about 79 per cent. But it’s over 80 per cent now,” Mr Omotosho said, adding that capital projects implementation was also around 80 per cent.
READ ALSO: Banditry: Police confiscate 104 motorcycles in Kano
He attributed the performance to revenue growth and collaboration between the state and local governments in delivering roads, schools, housing and transport infrastructure.
After weeks of deliberations, the committee submitted its report, recommending adjustments that increased the total budget size to N4.44 trillion.
The House approved the revised proposal on Thursday.
Once signed into law, the 2026 budget will guide Lagos State’s fiscal operations throughout the year.
