Lagos Assembly passes N4.44trn 2026 budget

The Lagos State House of Assembly has passed a N4.44 trillion budget for the 2026 fiscal year, adopting the House Committee on Economic Planning and Budget’s report.

The chairman of the committee, Sa’ad Olumoh, presented the report during plenary in Lagos on Thursday, January 8, 2026.

Olumoh said the framework was guided by macroeconomic indices, including an exchange rate benchmark of N1,512 to the dollar.

He added that 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,” Olumoh told lawmakers.

He said capital expenditure performance stood at 75 per cent, recurrent expenditure at 87 per cent, while overall revenue performance was also placed at 79 per cent.

He said: “For 2026, the approved budget size is about N4.4 trillion, with recurrent expenditure of N2.052 trillion and capital expenditure of N2.185 trillion.

“The capital component underscores the government’s strong commitment to infrastructure development across the state.”

The Speaker, Mudashiru Obasa, commended the committee, describing the budget as realistic, balanced and capable of driving inclusive economic growth.

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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 N171 billion was added to the budget during the legislative review process.

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.

Sanwo-Olu presented a N4.237 trillion budget proposal to the House on November 25, 2025.

The governor said the budget aimed to accelerate economic growth, deepen infrastructure development and sustain fiscal responsibility.

He projected total revenue of N3.99 trillion, with N3.12 trillion from internally generated revenue and N874 billion from federal transfers.

Sanwo-Olu added that the deficit financing plan stood at approximately N243.3 billion for the 2026 fiscal year.

The Star