2026 ‘Shared Prosperity’ budget scales 2nd reading At Lagos Assembly

The Lagos State House of Assembly on Monday debated the 2026 Appropriation Bill and advanced it to the second reading, with lawmakers insisting on strict scrutiny of the proposal presented by Governor Babajide Sanwo-Olu on 25 November.

The budget, themed “Budget of Shared Prosperity”, aims to reduce poverty and deliver a safer, more developed Lagos through four key pillars: poverty eradication, a people-centred approach, infrastructure renewal and improved governance.

Giving an overview of the fiscal plan, the Chairman of the House Committee on Economic Planning and Budget, Hon Sa’ad Olumoh, said the 2026 proposal was crafted to build on the achievements of the current administration since 2019.

According to him, “This Budget will take care of all ongoing projects such that none of them will be moved to the next administration.”

He urged lawmakers to interrogate the proposals of all ministries, departments and agencies before forwarding them to his Committee.

The Majority Leader, Hon Noheem Adams, praised the House leadership, saying the budget reflects the State’s growing administrative competence.

He noted that governments that channel significant resources toward capital expenditure often demonstrate responsibility and long-term vision. “If well implemented, this Budget will further strengthen Lagos’ economy,” he said.

During the debate, Hon Ajomale Oladipo raised concerns about the State’s new tax reforms and their possible implications on performance, especially after Lagos’ internally generated revenue recently climbed to 70 per cent.

Hon Desmond Elliot described the financial plan as one that “speaks to the needs of Lagosians”.

He urged the legislature to prioritise inner-road upgrades across local communities and also called for stronger environmental sanitation measures.

Hon Osafile Foluke appealed for higher allocations to the security sector in view of emerging threats within Lagos and across the country.

In his contribution, the Deputy Majority Leader, Hon Adedamola Richard Kasunmu, said the House must examine every detail of the budget to ensure alignment with the administration’s stated goals.

He also pushed for increased investment in the education sector to secure the future of young Lagosians.

Hon Bonu Solomon highlighted the revenue potential of tourism and infrastructure, urging the State to intensify investments in those sectors to further expand its internally generated revenue.