The Lagos State House of Assembly has approved a N4.44 trillion budget for the 2026 fiscal year, endorsing Governor Babajide Sanwo-Olu‘s “Budget of Shared Prosperity” after thorough legislative review.
Okay News reports that the passage followed adoption of the House Committee on Economic Planning and Budget’s report during plenary.
Committee Chairman Sa’ad Olumoh presented the framework, guided by macroeconomic assumptions including N1,512 to the dollar exchange rate, 14.7 per cent inflation, 2.06 million barrels daily oil production, and $64 per barrel benchmark price.
He highlighted 2025 budget performance at 79 per cent cumulative as of November, with capital expenditure at 75 per cent, recurrent at 87 per cent, and revenue also at 79 per cent.
The approved N4.44 trillion comprises N2.052 trillion recurrent expenditure and N2.185 trillion capital expenditure, reflecting continued emphasis on infrastructure across key sectors.
Personnel costs, overheads, debt servicing, and loan repayments are covered, with a projected N243 billion deficit to be financed through approved borrowing options.
Lawmakers added N171 billion during review, as confirmed by Aro Moshood representing Ikorodu 2.
Speaker Mudashiru Obasa described the budget as realistic and balanced, capable of driving inclusive growth if implemented effectively.
He noted assurances from revenue agencies on improved collaboration to meet or exceed projections.
Governor Sanwo-Olu originally presented a N4.237 trillion proposal on November 25, 2025, projecting N3.99 trillion total revenue including N3.12 trillion internally generated and N874 billion federal transfers.
The deficit financing plan stands at approximately N243.3 billion.
As Nigeria’s economic hub, Lagos’ budget signals confidence in infrastructure-led expansion amid national challenges.
