Lagos Assembly passes 2026 Budget Amendment Bill, approves N200bn bond

The Lagos State House of Assembly recently passed the 2026 Appropriation (Amendment) Bill into law, enabling the state government to reorder its budgetary priorities and expedite the implementation of significant capital projects. The decision followed the presentation of a letter from Governor Babajide Sanwo-Olu, requesting the Assembly's approval to adjust the 2026 budget.

The bill was referred to the Committee on Economic Planning and Budget, chaired by Lukmon Olumoh, for further review. Olumoh reported that the current level of budget performance warranted a strategic review to ensure a more focused approach to capital investments in the latter part of the fiscal year. He stated, "The reordering of priorities will accelerate project execution and improve the overall performance of capital expenditure, while responding to current demands and emerging needs across the state."

The proposed amendment includes an increase in the state's bond issuance from N150 billion to N200 billion, aimed at funding critical infrastructure and development projects. Among the projects prioritized are Phase II of the Blue Line Rail Project, the completion of the Massey Street Children’s Hospital, and the construction of the Ketu Ejirin Psychiatric Hospital.

Other highlighted initiatives include the provision of drainage systems, environmental and sanitation programs, waste management infrastructure, and the Zero Tolerance for Potholes initiative. After considering and adopting the committee's report, the lawmakers adopted the amendment bill, and Speaker Obasa directed the Clerk to transmit it to Governor Sanwo-Olu for his assent.