The Lagos State House of Assembly has approved a ₦4.4 trillion budget for the 2026 fiscal year.

The approval was given during plenary on Thursday, with the Speaker of the House, Mudashiru Obasa, passing the bill authorising the issuance and appropriation of ₦4,444,509,776,438 for the year.

Presenting the report, the Chairman of the Committee on Economic Planning and Budget, Olumoh Sa’ad, disclosed that the approved budget consists of ₦2,106,704,566,113 for recurrent expenditure and ₦2,337,805,210,325 allocated to capital projects for the year ending December 31, 2026.

Following the approval, Obasa directed the Clerk of the House, Olalekan Onafeko, to transmit a clean copy of the budget to Governor Babajide Sanwo-Olu for assent.

The governor had earlier presented a proposed ₦4.237 trillion budget to the lawmakers on November 25, 2025, outlining his plans for the 2026 fiscal year.

Addressing members of the Assembly at the time, Sanwo-Olu described the proposal as a “Budget of Shared Prosperity,” aimed at promoting inclusive growth and improving the welfare of residents.

He said the administration’s focus remains on poverty reduction and building a Lagos that works for everyone, adding that shared prosperity should be a reality felt across the state.

The governor explained that the budget is anchored on four key pillars: a human-centred approach, modern infrastructure, a strong economy, and effective governance, all aligned with the state’s T.H.E.M.E.S+ Agenda.