Fatimah Otunsanya
The Lagos State House of Assembly has approved a total of N4.4tn as the budget of the state for 2026.
The Speaker of the House, Mudashiru Obasa, during a plenary on Thursday, passed the bill for a law to authorise the issuance and appropriation of ₦4,444,509,776,438.
Presenting the report on the floor of the House, the Chairman of the Committee on Economic Planning and Budget, Olumoh Sa’ad, stated that the total budget size for the 2026 fiscal year is ₦4,444,509,776,438, with ₦2,106,704,566,113 earmarked for recurrent expenditure and ₦2,337,805,210,325 for capital expenditure for the year ending December 31, 2026.
Obasa, thereafter, directed the Clerk of the House, Olalekan Onafeko, to forward a clean copy of the budget to Governor Babajide Sanwo-Olu for his assent.
Sanwo-Olu had, on November 25, 2025, presented a proposed N4.237tn budget for the 2026 fiscal year to the state House of Assembly.
While addressing the 40-member House, the governor emphasised that the “Budget of Shared Prosperity” was designed to promote prosperity and build a Lagos that benefits all residents.
He said, “Our mission remains clear: to eradicate poverty and build a Lagos that works for all.
Our vision continues to guide every fiscal decision we make to deliver a Greater Lagos where shared prosperity is not an aspiration but a lived and felt reality.”
Sanwo-Olu explained that the budget was anchored on four pillars (a human-centred approach, modern infrastructure, a thriving economy, and effective governance) all aligned with the state’s T.H.E.M.E.S+ Agenda.