Connect with us

latest

Sanwo-Olu Gets Green Light As Lagos Passes Massive ₦4.4trn Budget.

Published

6 months ago

on

The Lagos State House of Assembly has approved the ₦4.4 trillion 2026 Appropriation Bill, raising the total size of the budget by ₦171 billion above the initial proposal submitted by Governor Babajide Sanwo-Olu.....KINDLY READ THE FULL STORY HERE▶

According to Nivo News, the approval was secured on Thursday after lawmakers adopted the report of the House Committee on Economic Planning and Budget during plenary. The spending plan, tagged the “Budget of Shared Prosperity,” prioritises infrastructure development, education, healthcare, economic growth and social development across the state.

The approved budget allocates about ₦2.052 trillion to recurrent expenditure, while ₦2.185 trillion is set aside for capital projects, representing over 52 per cent of the total budget. The emphasis on capital spending underscores the state government’s commitment to sustaining infrastructure expansion and improving service delivery for residents.

Presenting the committee’s report, the Chairman of the House Committee on Economic Planning and Budget, Sa’ad Olumoh, explained that the 2026 fiscal plan marks the third budget cycle of the current administration and the final new-cycle budget of Governor Sanwo-Olu’s second term in office.

Olumoh stated that the budget aligns with the administration’s development agenda, which is anchored on four strategic pillars: human-focused development, modern and adaptable infrastructure, a dynamic 21st-century megacity economy, and effective governance that meets and exceeds public expectations.

He disclosed that the budget framework was prepared using key macroeconomic assumptions, including an exchange rate benchmark of ₦1,512 to the dollar, an inflation rate of 14.7 per cent, daily oil production of 2.06 million barrels, and a benchmark oil price of $64 per barrel.

The committee also reviewed the performance of the 2025 budget, noting that implementation stood at 79 per cent as of November 2025. Capital expenditure recorded 75 per cent performance, recurrent expenditure achieved 87 per cent, while overall revenue performance was equally placed at 79 per cent.

The 2026 budget makes provisions for personnel costs, overheads, debt servicing and loan repayments, with a projected deficit of about ₦243 billion to be financed through approved deficit funding options.

Governor Sanwo-Olu had earlier presented a ₦4.237 trillion budget proposal to the House in November 2025, describing it as a roadmap for shared prosperity and inclusive development in Lagos State. Lawmakers later adjusted the proposal upward by ₦171 billion during legislative scrutiny.

Members of the Assembly described the budget as realistic and growth-driven, expressing confidence that effective implementation and sustained revenue reforms would further strengthen the state’s fiscal position. Relevant agencies also assured lawmakers of improved collaboration to ensure that projected revenues are achieved or surpassed in the 2026 fiscal year.

Related Topics:
Advertisement

latest

Naira Holds Steady: Currency Stabilizes At ₦1,368 As Market Watches For New Shifts!.

Published

3 hours ago

on

July 7, 2026

By

Looking for the latest parallel market (Aboki FX) rates? Here is the breakdown for the Dollar to Naira exchange as of Monday, July 6, 2026.....KINDLY READ THE FULL STORY HERE▶

Parallel Market (Black Market) Rates

According to Bureau De Change (BDC) sources, the rates at the Lagos parallel market were as follows:

  • Selling Rate: ₦1415

  • Buying Rate: ₦1402

Official CBN Rates

For comparison, the Central Bank of Nigeria (CBN) recorded the following for the same day:

  • Highest Rate: ₦1371

  • Lowest Rate: ₦1366

Important Disclaimer: Please be aware that the Central Bank of Nigeria does not recognize the parallel market and advises individuals seeking Forex to conduct transactions through their respective banks. Additionally, keep in mind that actual buying and selling rates may fluctuate and vary from the figures stated above.

Continue Reading

latest

“Police TerrOr In The Home”: Mother Left In Deep Shock Following Violent Arrest Of Adeyemi’s Father!.

Published

3 hours ago

on

July 7, 2026

By

The investigation into the alleged ₦1.3 billion scandal involving the Presidential Foreign Intervention Promotion Council (PFIPC) has intensified following the arrest of the father of the council’s promoter, Adeniyi Adeyemi. Adeyemi, who claims to lead the organization, is currently facing trial in Abuja on charges including impersonation, forgery, and conspiracy, with several prominent figures, including Femi Gbajabiamila, slated as prosecution witnesses.....KINDLY READ THE FULL STORY HERE▶

  • The Arrest: Police officers reportedly arrived at the Adeyemi family residence in Ogbomoso in four vehicles to apprehend Adeyemi’s father and a visiting family friend.

  • Legal Condemnation: Human rights lawyer Femi Falana (SAN) has denounced the arrest as unlawful, stating that there is no legal justification for the police to engage in “substituted arrests” when the accused has already committed to appearing in court.

  • Impact on the Family: Witnesses reported that the police harassed the family during the raid and prevented neighbors from intervening. Adeyemi’s mother was reportedly left in a state of shock following the incident and has since been moved to safety.

Continue Reading

latest

Leah Sharibu Still Held Hostage! Official Confirmation Reveals She Is The Only One Not Yet Home!.

Published

4 hours ago

on

July 7, 2026

By

  • Mohammed Goje, the Secretary to the Yobe State Government, stated that all students abducted from the Government Girls’ Science and Technical College in Dapchi in 2018 have been freed, with the exception of Leah Sharibu.....KINDLY READ THE FULL STORY HERE▶

    • Goje noted that the other abducted girls were rescued prior to the start of Governor Mai Mala Buni’s administration in 2019, making the incident a matter of the past for the current state government.

    • Leah Sharibu was one of 110 girls kidnapped by insurgents in February 2018; while most of her classmates were released a month later, she was reportedly kept in captivity due to her refusal to renounce her Christian faith.

    • Despite ongoing government assurances, Sharibu remains the only student from the group still in captivity more than eight years after the abduction.

    • Regarding the state’s security, Goje claimed that the Buni administration has made significant progress since 2019, making all local government areas in Yobe accessible to both citizens and humanitarian aid.

    • This improvement in safety has enabled many displaced residents to return to their communities, where the government has focused on rebuilding infrastructure and providing support in healthcare, education, and agriculture.

    • Furthermore, Yobe has become the first state in Nigeria to implement the National Internally Displaced Persons Policy, providing residents with the flexibility to decide whether to return to their ancestral homes or relocate elsewhere while receiving continued government support.

Continue Reading

Trending