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The Lagos State House of Assembly has approved a N4.4 trillion budget for the 2026 fiscal year.
The approval was given on Thursday during plenary, presided over by Speaker Mudashiru Obasa, following the passage of a bill authorising the issuance and appropriation of ₦4,444,509,776,438 for the year ending December 31, 2026.
Presenting the committee’s report, the Chairman of the House Committee on Economic Planning and Budget, Olumoh Sa’ad, said the approved budget comprises ₦2,106,704,566,113 for recurrent expenditure and ₦2,337,805,210,325 allocated to capital expenditure.
After the passage, Obasa directed the Clerk of the House, Olalekan Onafeko, to transmit a clean copy of the budget to Governor Babajide Sanwo-Olu for assent.
Sanwo-Olu had earlier presented a proposed N4.237 trillion budget to the Assembly on November 25, 2025. He explained at the time that the 2026 “Budget of Shared Prosperity” was aimed at promoting inclusive growth and improving the welfare of Lagos residents.
The governor noted that the fiscal plan was anchored on four pillars: a human-centred approach, modern infrastructure, a thriving economy, and effective governance, in line with the state’s T.H.E.M.E.S+ Agenda.
