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Lagos Assembly Passes ₦4.44 Trillion 2026 Budget of Shared Prosperity

The Lagos State House of Assembly on Thursday, January 8, 2026, passed a ₦4.44 trillion Appropriation Bill for the 2026 fiscal year following adoption of the report of the House Committee on Economic Planning and Budget.

Hon. Sa’ad Olumoh, committee chairman, presented the budget framework during plenary, highlighting assumptions and projections anchored on key macroeconomic indices — including a ₦1,512/$ exchange rate, 14.7 % inflation, 2.06 million barrels per day oil production, and a $64/barrel benchmark price.

The budget — tagged the “Budget of Shared Prosperity” and representing the final full-cycle plan of Governor Babajide Sanwo-Olu’s second term — allocates ₦2.052 trillion for recurrent expenditure and ₦2.185 trillion for capital projects, underlining a strong emphasis on infrastructure development.

Lawmakers reviewed the 2025 budget performance, with a 79 % overall performance recorded as of November 2025, including 75 % capital and 87 % recurrent expenditure execution.

During legislative deliberations, an additional ₦171 billion was added to the original proposal. Speakers and lawmakers described the budget as realistic, balanced, and capable of driving inclusive growth, while calling for revenue reforms and prudent debt management.

The House directed the Clerk to forward the bill to Governor Sanwo-Olu for assent. Sanwo-Olu’s initial proposal — submitted on Nov. 25, 2025 — projected ₦3.99 trillion total revenue and a ₦243 billion deficit financing plan.