The Lagos State House of Assembly has passed the ₦4,444,509,776,438 2026 budget, tagged “Budget of Shared Prosperity,” into law.
The appropriation bill was approved on Thursday, with lawmakers prioritizing infrastructure development, education, healthcare, economic growth and social development across the state.
Presenting the report on the floor of the House, Chairman of the Committee on Economic Planning and Budget, Olumoh Lukmon, disclosed that over 52 per cent of the total budget was allocated to capital expenditure to drive inclusive and sustainable growth.
According to him, the approved budget comprises ₦2.11 trillion for recurrent expenditure and ₦2.34 trillion for capital projects.
Following the passage, Speaker of the House, Mudashiru Obasa, directed the Clerk of the House, Olalekan Onafeko, to transmit a clean copy of the appropriation law to Governor Babajide Sanwo-Olu for assent.
Governor Sanwo-Olu had earlier presented the 2026 Appropriation Bill to the House on 25 November 2025, after which it was committed to the Committee on Appropriation, alongside other standing committees, for detailed scrutiny of the budget proposals of Ministries, Departments and Agencies (MDAs) under their respective oversight.
Meanwhile, 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.
