The Lagos State House of Assembly has approved a total of ₦4.44 trillion as the budget of the state for the 2026 fiscal year.
The approval was given during plenary on Thursday, following the passage of the Appropriation Bill authorising the issuance and spending of ₦4,444,509,776,438.
Presenting the report of the House Committee on Economic Planning and Budget, its chairman, Olumoh Sa’ad, disclosed that the approved budget comprises ₦2,106,704,566,113 for recurrent expenditure and ₦2,337,805,210,325 for capital expenditure, covering the period ending December 31, 2026.
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 approved budget to Governor Babajide Sanwo-Olu for assent.
Governor Sanwo-Olu had earlier, on November 25, 2025, presented a proposed ₦4.237 trillion budget to the House for consideration.
Addressing the 40-member Assembly at the time, the governor said the proposal, tagged the “Budget of Shared Prosperity,” was aimed at stimulating economic growth, reducing poverty, and improving the living standards of Lagos residents.
“Our mission remains clear: to eradicate poverty and build a Lagos that works for all,” Sanwo-Olu had said.
The 2026 budget represents one of the largest fiscal plans in the history of Lagos State, reflecting the government’s continued focus on infrastructure development, social services, and economic inclusion.
Lagos State has consistently prioritised capital spending in recent budgets, channeling significant resources into transportation, healthcare, education, housing, and security, in line with the state’s development agenda.
The increase from the initially proposed ₦4.237 trillion to ₦4.44 trillion followed legislative scrutiny, committee engagements with ministries, departments, and agencies (MDAs), and adjustments to projected revenues and expenditure priorities.
Once assented to by the governor, the 2026 Appropriation Law will provide the legal framework for the state’s spending and policy implementation throughout the fiscal year.
