The Lagos State House of Assembly on Thursday passed the 2026 appropriation bill of ₦4.44 trillion.
This followed the adoption of the House Committee on Economic Planning and Budget’s report at the plenary in Alausa, Ikeja.
The Chairman of the committee, Mr. Sa’ad Olumoh, who presented the report outlinied assumptions, projections and structure of the ‘bill christened “Budget of Shared Prosperity.”
He said the framework was guided by macroeconomic indices, including an exchange rate benchmark of ₦1,512 to the dollar.
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He added that assumptions included an inflation rate of 14.7 percent, 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 stated.
He said capital expenditure performance stood at 75 percent, recurrent expenditure at 87 percent, while overall revenue performance was placed at 79 percent.
“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,” the chairman added.
The Speaker of the House, Mudashiru Obasa, commended the committee for doing a great job.
He described the budget as realistic, balanced and capable of driving inclusive economic growth in the state.
Obasa said revenue-generating agencies had assured the House of collaboration to meet, and possibly exceed projected revenue targets.
Following deliberations, the House adopted the committee’s report and passed the bill into law.
The Speaker directed the Clerk of the House, Mr. Olalekan Onafeko, to transmit the budget to Governor Babajide Sanwo-Olu for assent.
Sanwo-Olu presented a ₦4.237 trillion budget proposal to the Assembly on November 25 last year.
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.
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