The Lagos State House of Assembly has passed the ₦4,444,509,776,438 Budget of “Shared Prosperity” for the 2026 fiscal year into law.
The budget, which was approved on Thursday, places strong emphasis on infrastructure development, education, healthcare, economic growth, and social development, with more than 52 per cent of the total allocation dedicated to capital projects aimed at driving inclusive growth across the state.
Presenting the report on the floor of the House, the Chairman of the Committee on Economic Planning and Budget, Olumoh Lukmon, disclosed that the approved appropriation consists of ₦2.11 trillion for recurrent expenditure and ₦2.34 trillion earmarked for capital projects.
Following the passage, Speaker of the House, Mudashiru Obasa, directed the Clerk, Olalekan Onafeko, to forward a clean copy of the budget to Governor Babajide Sanwo-Olu for assent.
Governor Sanwo-Olu had earlier presented the 2026 Appropriation Bill to members of the House on Tuesday, November 25, 2025. The bill was subsequently committed to the Committee on Appropriation, alongside other standing committees acting as sub-committees, for detailed scrutiny of the budget proposals submitted by Ministries, Departments and Agencies (MDAs).
In a related development, the House also read for the first time the Lagos State Harmonised Taxes and Levies (Approved List for Collection) Bill 2025, as well as the Registration of Lis Pendens Bill 2024.
The passage of the 2026 budget marks a key legislative milestone as the state prepares to implement its development agenda for the coming year.
