By Ebunoluwa Sessou

The Lagos State House of Assembly on Monday took a major step toward approving the 2026 fiscal plan as lawmakers concluded the second reading of the Y2026 Appropriation Bill presented by Governor Babajide Sanwo-Olu on November 25.

Christened the “Budget of Shared Prosperity,” the spending proposal focuses on poverty eradication, a human-centred development agenda, enhanced infrastructure and effective governance pillar the state government says are crucial to building a safer and more prosperous Lagos.

Giving his insights, the Chairman of the House Committee on Economic Planning and Budget, Mr. Sa’ad Olumoh, said the 2026 budget would consolidate gains made since 2019 and ensure the completion of all ongoing projects. “The Budget will take care of all ongoing projects such that none of them will be moved to the next administration,” he assured, while urging members to thoroughly scrutinize submissions from MDAs.

Also, the majority leader, Mr.. Noheem Adams, commended the House leadership, saying the proposal reflected Lagos State’s growing competence in fiscal management. He maintained that governments focused on capital expenditure demonstrate responsibility and sound long-term planning. According to him, the budget’s implementation would significantly stimulate the state’s economy.

However, lawmakers raised a mix of concerns and recommendations. In his contribution, Mr. Ajomale Oladipo queried the implications of new tax reforms on overall budget performance, noting the state’s recent increase in Internally Generated Revenue to 70 percent. Mr. Desmond Elliot described the proposal as one capable of meeting the needs of Lagosians, urging priority for inner-road projects and improvements in environmental sanitation.

Also, Osafile Foluke called for stronger funding for the security sector to tackle emerging threats across the state and country. As, the deputy majority leader, Mr. Adedamola Kasunmu, stressed the need for detailed scrutiny of the budget to ensure alignment with set goals and advocated increased investment in education to safeguard the future of Lagos’ youth.

In his contribution, Mr. Bonu Solomon highlighted tourism and infrastructural development as key opportunities for boosting the state’s revenue base.

Following the deliberations, the House committed the Appropriation Bill to the Committee on Economic Planning and Budget, with a mandate to report back within five weeks for further legislative action.