Lagos Assembly approves 2026 budget changes, raises bond plan to N200bn

Lagos lawmakers have approved changes to the state’s 2026 budget, clearing the way for the government to reorder spending priorities and expand a planned bond programme to N200 billion.

The amendment followed Governor Babajide Sanwo-Olu’s request to the House of Assembly. Lawmakers adopted the report of the Committee on Economic Planning and Budget before passing the bill.

The revised plan keeps the 2026 budget at N4.445 trillion but adjusts how the money will be used. Recurrent expenditure is put at N2.077 trillion, while capital spending is put at N2.368 trillion.

Committee chairman Lukmon Olumoh, also reported as Olumoh Sa’ad, said the changes were needed because ministries, departments and agencies had recorded different levels of project implementation. The committee put overall budget performance at 69 percent as of June 30, with recurrent revenue at 79 percent, recurrent expenditure at 73 percent and capital expenditure at 66 percent.

The state also plans to raise its bond issuance from N150 billion to N200 billion. Projects listed in the revised priorities include Phase II of the Blue Line Rail from Mile 2 to Trade Fair, the new Massey Street Children’s Hospital, a 280-bed General Hospital in Ojo, transport infrastructure, housing, environmental sanitation, waste management, security and emergency equipment.

Speaker Mudashiru Obasa asked the Clerk, Adenike Oshinowo, to send a clean copy of the bill to the governor for assent.

Sources: Daily Post, Premium Times