The Lagos State House of Assembly has officially approved a total budget of ₦4,444,509,776,438 (Four Trillion, Four Hundred and Forty-Four Billion, Five Hundred and Nine Million, Seven Hundred and Seventy-Six Thousand, Four Hundred and Thirty-Eight Naira) for the 2026 fiscal year.
The decision was reached during the 8th of January, 2026, Thursday’s plenary session presided over by the Speaker, Hon. Mudashiru Obasa.
Following the approval, Speaker Obasa instructed the Clerk of the Assembly, Olalekan Onafeko, to forward a clean copy of the budget to Governor Babajide Sanwo-Olu for assent.
Governor Sanwo-Olu had earlier presented a proposed budget of ₦4.237 trillion on the 25th of November 2025, describing it as the “Budget of Shared Prosperity”, designed to foster inclusive growth and enhance residents’ welfare. “Our mission remains clear: to eradicate poverty and build a Lagos that works for all,” the governor emphasized.
He highlighted that the 2026 budget is anchored on four pillars: human-centred development, modern infrastructure, a thriving economy, and effective governance, in alignment with the state’s T.H.E.M.E.S+ development agenda.
The 2026 budget process began in November 2025 with the presentation of the appropriation bill to the House, outlining fiscal priorities amid rising economic pressures and growing infrastructure demands in Nigeria’s commercial hub.
The bill was subsequently referred to the Committee on Economic Planning and Budget, which held budget defence sessions with ministries, departments, and agencies to evaluate revenue projections, expenditure plans, and policy alignment.
Lawmakers also examined assumptions underpinning the budget, including internally generated revenue, federal allocations, and borrowing plans, alongside performance metrics from the previous fiscal year.
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This review was conducted against the backdrop of claims by the state government that the ₦3.366 trillion 2025 budget had achieved significant implementation milestones. According to Commissioner for Information and Strategy, Gbenga Omotosho, the 2025 budget had recorded over 80% performance by September 2025, with capital project execution including roads, schools, housing, and transport infrastructure also at about 80%.
Mr. Omotosho attributed the progress to revenue growth and effective collaboration between state and local governments.
After weeks of scrutiny and deliberations, the committee submitted its report recommending adjustments, which increased the total 2026 budget to ₦4.44 trillion. The House formally approved the revised proposal on Thursday the 8th of January
2026.
Once signed into law, the 2026 budget will serve as the guiding framework for Lagos State’s fiscal operations throughout the year.