Video: Lagos Assembly passes N4.4tn 2026 budget into law
Abdullateef Fowewe
Lagos State House of Assembly has approved Governor Babajide Sanwo-Olu’s ambitious N4.4 trillion budget for 2026, transforming it into law during a lively plenary session.
@dailyeconomy8 Video: Lagos Assembly passes N4.4trn 2026 budget into law Lagos State House of Assembly has approved Governor Babajide Sanwo-Olu’s ambitious N4.4 trillion budget for 2026, transforming it into law during a lively plenary session. Speaker Rt. Hon. Mudashiru Obasa presided over the unanimous vote, reading out the staggering figure with precision amid cheers from lawmakers. In the session, Obasa noted, “Size of 4 trillion, 404 billion, 509 million, 776 thousand, four hundred and thirty-eight naira for the year ending 31st December 2026 be passed into law. All in favor say aye.” The chamber erupted in a resounding “Aye!” with no nays recorded, sealing the approval. The budget allocates N2.052 trillion to recurrent expenditure and N2.348 trillion to capital projects, emphasising infrastructure, education, health, youth development, and social services. A key adjustment separates loan repayments from capital spending to safeguard future finances. One assembly member highlighted the realism of the projections, “The revenue as proposed by Mr. Governor is realistic. What we have done deliberately in this budget is to ensure that the repayment of our loans does not form part of the capital expenditure and we also touched education, health, youth development, and social infrastructure.”
Video: Lagos Assembly passes N4.4trn 2026 budget into law
Speaker Rt. Hon. Mudashiru Obasa presided over the unanimous vote, reading out the staggering figure with precision amid cheers from lawmakers.
In the session, Obasa noted, “Size of 4 trillion, 404 billion, 509 million, 776 thousand, four hundred and thirty-eight naira for the year ending 31st December 2026 be passed into law. All in favor say aye.”
The chamber erupted in a resounding “Aye!” with no nays recorded, sealing the approval.
The budget allocates N2.052 trillion to recurrent expenditure and N2.348 trillion to capital projects, emphasising infrastructure, education, health, youth development, and social services.
A key adjustment separates loan repayments from capital spending to safeguard future finances.
One assembly member highlighted the realism of the projections, “The revenue as proposed by Mr. Governor is realistic. What we have done deliberately in this budget is to ensure that the repayment of our loans does not form part of the capital expenditure and we also touched education, health, youth development, and social infrastructure.”
