By Peter Omopo
The Lagos State House of Assembly has passed the state’s ₦4.4 trillion 2026 Budget of Shared Prosperity into law, marking a major legislative milestone in the state’s fiscal planning for the coming year.
The budget was approved on Thursday following the presentation of a report by the House Committee on Budget and Economic Planning, chaired by Hon. Saad Olumoh, during a plenary session presided over by the Speaker, Rt. Hon. Mudashiru Obasa.
According to the Assembly, the 2026 appropriation prioritises infrastructure development, education, healthcare, economic growth and social development, with more than 52 per cent of the total expenditure allocated to capital projects aimed at driving inclusive growth across the state.
Presenting the committee’s report, Olumoh explained that the budget was structured to accelerate infrastructure expansion, improve the delivery of social services and stimulate sustainable economic growth in Lagos State.
The passage of the budget follows its earlier presentation by Governor Babajide Sanwo-Olu, who had proposed an appropriation of about ₦4.2 trillion for the 2026 fiscal year before lawmakers reviewed and approved an increased figure.
The 2026 budget represents a significant rise in Lagos State’s annual spending and reflects steady growth in the state’s appropriation over the past five years. Historical data show that the budget has increased from ₦1.1 trillion in 2021 to the current ₦4.4 trillion for 2026, representing a cumulative increase of over ₦3 trillion under the Sanwo-Olu administration.
Lawmakers expressed optimism that the budget, when fully implemented, would enhance economic development, improve living standards and consolidate Lagos State’s position as Nigeria’s economic hub.
