Africazine:
The Lagos State House of Assembly has approved a significant adjustment to the 2026 budget, impacting the allocation of N4.445 trillion.
This approval follows a thorough review by lawmakers, who noted varying levels of capital project implementation among ministries, departments, and agencies. The revised budget allocates N2.077 trillion for recurrent expenditure and N2.368 trillion for capital projects.
Lagos State Assembly Passes Budget Reordering Bill
The Lagos State House of Assembly approved the 2026 Budget Reordering Bill on Tuesday, allowing for a reallocation of the state’s N4.445 trillion budget. Lawmakers considered the report from the House Committee on Economic Planning and Budget, which highlighted discrepancies in capital project implementation across various MDAs.
Committee chairman Olumoh Sa’ad emphasized that while some MDAs effectively utilized their capital allocations, others fell short. This review was crucial for ensuring that funds are directed where they are most needed.
Lagos State: Key figures on budget allocation
- N4.445 trillion budget
- N2.077 trillion for recurrent expenditure
- N2.368 trillion for capital projects
- 69 per cent overall budget performance as of 30 June
- 79 per cent recurrent revenue performance
- 73 per cent recurrent expenditure performance
- 66 per cent capital expenditure performance
Focus Areas of the Revised Budget
The reordered budget focuses on critical areas such as transportation infrastructure, hospital projects, housing, and environmental sanitation. Additionally, it allocates funds for security and emergency equipment, reflecting the government’s commitment to improving public welfare and safety.
This adjustment aims to enhance the efficiency of capital project execution and ensure that the state’s resources are effectively utilized for the benefit of its residents.
Next Steps for Lagos State Assembly
- The Clerk will communicate the resolutions of the House to relevant authorities.
- The assembly will reconvene for plenary on 2 November.
The Lagos State Assembly’s budget reordering is a strategic move to enhance project implementation and public welfare.
