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The Lagos State House of Assembly has approved a ₦4.4 trillion budget for the 2026 fiscal year, following the adoption of the report from the House Committee on Economic Planning and Budget. The budget, tagged the “Budget of Shared Prosperity,” marks the third budget cycle of the current administration and the final new-cycle budget of Governor Babajide Sanwo-Olu’s second term.
Presented during plenary by Committee Chairman Hon. Sa’ad Olumoh on Thursday, the report outlined the assumptions, projections, and structure of the 2026 Appropriation Bill. The budget aligns with the administration’s strategic priorities, focusing on human-centric development, modern infrastructure, a thriving megacity economy, and effective governance that meets citizens’ expectations.
The framework was informed by macroeconomic indicators, including a projected exchange rate of ₦1,512 to the dollar, an inflation rate of 14.7 per cent, oil production of 2.06 million barrels per day, and a benchmark oil price of $64 per barrel.
Reviewing the 2025 budget performance, the committee reported a cumulative achievement of 79 per cent as of November 2025, with capital expenditure at 75 per cent, recurrent expenditure at 87 per cent, and overall revenue performance at 79 per cent.
For 2026, the approved budget allocates ₦2.052 trillion for recurrent expenditure and ₦2.185 trillion for capital expenditure, highlighting the administration’s focus on infrastructure development. The budget also includes provisions for personnel costs, overheads, debt servicing, and debt repayment, with a projected deficit of ₦243 billion to be financed through approved deficit financing options.
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During deliberations, lawmakers praised the budget as realistic and growth-oriented. Hon. Aro Moshood noted that an additional ₦171 billion was incorporated into the budget during the review process to further support the state’s development agenda.
The 2026 budget is expected to enhance service delivery, drive infrastructure expansion, and sustain Lagos State’s economic growth, positioning the megacity to meet the needs and expectations of its residents.
