Lagos assembly passes ₦4.44 trillion 2026 budget

The Lagos State House of Assembly has passed a ₦4.44 trillion budget for the 2026 fiscal year, adopting the House Committee on Economic Planning and Budget’s report.
The committee chairman, Sa’ad Olumoh, presented the report during plenary on Thursday, outlining assumptions, projections, and the structure of the ‘Budget of Shared Prosperity.’
Mr Olumoh said the framework was guided by macroeconomic indices, including an exchange rate benchmark of ₦1,512 to the dollar.
He added that the assumptions included an inflation rate of 14.7 per cent, oil production of 2.06 million barrels daily, and a benchmark oil price of $64.
“The committee also reviewed the 2025 budget performance, recording a cumulative performance of 79 per cent as of November 2025,” Mr Olumoh told lawmakers.
He said capital expenditure performance stood at 75 per cent, recurrent expenditure at 87 per cent, and overall revenue performance at 79 per cent.
“For 2026, the approved budget size is about ₦4.4 trillion, with recurrent expenditure of ₦2.052 trillion and capital expenditure of ₦2.185 trillion.
“The capital component underscores the government’s strong commitment to infrastructure development across the state,” Mr Olumoh said.
He explained that the budget covered personnel costs, overheads, debt servicing, and repayments, with a projected ₦243 billion deficit to be financed through approved options.
Speaker Mudashiru Obasa commended the committee, describing the budget as realistic, balanced, and capable of driving inclusive economic growth.
Mr Obasa said revenue-generating agencies had assured the House of collaboration to meet, and possibly exceed, projected revenue targets.
Aro Moshood (Ikorodu 2) disclosed that an additional ₦171 billion was added to the budget during the legislative review process.
Femi Saheed (Kosofe 2) said the budget size showed Lagos remained economically strong, provided all stakeholders fulfilled their responsibilities.
Similarly, Gbolahan Yishawu (Eti-Osa 2) stressed the need for revenue reforms and prudent loan repayments to strengthen fiscal sustainability.
Following deliberations, the House adopted the committee’s report and passed the 2026 Appropriation Bill into law.
The speaker directed the clerk, Olalekan Onafeko, to transmit the budget to Governor Babajide Sanwo-Olu for assent.
Mr Sanwo-Olu presented a ₦4.237 trillion budget proposal to the assembly on November 25.
The governor said the budget aimed to accelerate economic growth, deepen infrastructure development, and sustain fiscal responsibility.
He projected total revenue of ₦3.99 trillion, with ₦3.12 trillion from internally generated revenue and ₦874 billion from federal transfers.
Mr Sanwo-Olu added that the deficit financing plan stood at approximately ₦243.3 billion for the 2026 fiscal year.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

Heading 1
Iran’s new supreme leader vows revenge over father’s assassination by U.S.-Israeli forces
“We pledge to avenge the blood of the martyred leader and all the martyrs of these two wars from the criminal and disgraced killers,” he said.

Heading 4
Trump administration subpoenas New York Times journalists over Air Force One story
The subpoenas seek to compel the reporters to testify before a federal grand jury in Manhattan.

Heading 2
Klopp agrees to replace Nagelsmann as Germany coach
Nagelsmann resigned last week as the men’s national team coach following Germany’s shocking exit from the 2026 FIFA World Cup.

Health
FG expands cancer funding, local drug production
“We are trying to domesticate expensive treatments by producing much-needed medicines locally and translating global research into action in our clinics,” he said.

Heading 3
Remi Tinubu begs Asake, Davido, Burna Boy to come rescue poor Nigerians from hunger
The first lady stated that buying exotic cars is good, but noted that the singers can still establish foundations to assist the struggling population.

Heading 5
State police may be misused for political victimisation if systemic corruption persists, Anglican bishop says
“If corruption remains prevalent, those in state authority might use the structure to victimise their perceived enemies,” he said.





