Lagos Assembly passes ₦4.4trn 2026 ‘Budget of Shared Prosperity’ into law

By Ebunoluwa Sessou

The Lagos State House of Assembly has passed the ₦4.4 trillion 2026 Appropriation Bill, tagged the “Budget of Shared Prosperity,” into law following extensive deliberations and sector-by-sector reviews by lawmakers.

The budget prioritises infrastructure development, education, healthcare, economic growth and social development, in line with the state government’s commitment to inclusive and sustainable growth.

A breakdown of the approved estimates shows that over 52 per cent of the total expenditure has been earmarked for capital projects, underscoring a strong focus on long-term development and the expansion of critical infrastructure across the state.

Speaking after the passage of the bill, the Speaker of the House, Mudashiru Obasa, said lawmakers ensured that the 2026 budget was people-centred and development-driven.

According to him, “The 2026 Appropriation Bill was thoroughly examined by the House to ensure that it reflects the yearnings and aspirations of Lagosians. Our focus was to prioritise projects and programmes that will drive inclusive growth, strengthen infrastructure and improve the overall welfare of our people.”

Obasa explained that the substantial allocation to capital expenditure would accelerate development in key sectors and stimulate economic activities across the state.

“With over 52 per cent of the budget dedicated to capital expenditure, the House is confident that this budget will fast-track development in critical sectors such as transportation, education, healthcare and housing, while opening up new economic opportunities for residents,” he added.

Accordingly, the capital component of the budget will support the completion of ongoing road and transportation projects, expansion of health and educational facilities, housing development and other strategic initiatives aimed at improving service delivery and boosting productivity.

The Speaker assured Lagosians that the House would remain firm in its oversight responsibilities to guarantee prudent implementation of the budget.

“The House of Assembly will continue to exercise rigorous oversight to ensure that every naira appropriated is judiciously utilised and that ministries, departments and agencies deliver tangible results that will positively impact the lives of Lagosians,” he stated.

Some lawmakers who contributed during deliberations noted that increased investment in education and healthcare would strengthen human capital development, while social development programmes captured in the budget would support vulnerable groups and promote social inclusion.

The passage of the 2026 Appropriation Bill marks a significant milestone in Lagos State’s development agenda as the government seeks to consolidate economic gains, attract private sector participation and ensure shared prosperity for residents.

The bill is expected to be transmitted to the Governor for assent, after which full implementation of the 2026 fiscal plan will commence.

The post Lagos Assembly passes ₦4.4trn 2026 ‘Budget of Shared Prosperity’ into law appeared first on Vanguard News.