Lagos Assembly passes ₦4.44trn 2026 budget

Lagos State House of Assembly has passed a ₦4.44 trillion budget for the 2026 fiscal year, adopting the House Committee on Economic Planning and Budget’s report.

Chairman of the committee, Mr Sa’ad Olumoh, presented the report during plenary yesterday, outlining assumptions, projections and structure of the ‘Budget of Shared Prosperity’.

Olumoh said the framework was guided by macroeconomic indices, including an exchange rate benchmark of ₦1,512 to the dollar.

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 told lawmakers.

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

Olumoh explained that the budget covered personnel costs, overheads, debt servicing and repayments, with a projected ₦243 billion deficit to be financed through approved options.

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

He said revenue-generating agencies had assured the House of collaboration to meet, and possibly exceed, projected revenue targets.

Mr Aro Moshood (Ikorodu 2) disclosed that an additional ₦171 billion was added to the budget during the legislative review process.