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Lagos Assembly Ratifies Historic N4.4 Trillion ‘Shared Prosperity’ Budget for 2026

Phinadon Mag

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Summary:
In a decisive move to bolster the economy of Nigeria’s commercial nerve center, the Lagos State House of Assembly has officially passed the 2026 Appropriation Bill. The N4.4 trillion fiscal plan prioritizes heavy infrastructure spending and human capital development.

The legislative arm of the Lagos State Government has given its seal of approval to a monumental fiscal blueprint for the coming year. On Tuesday, the Lagos State House of Assembly passed a total budget size of N4.4 trillion for the 2026 fiscal year, signaling an aggressive approach to infrastructure development and economic expansion under the administration of Governor Babajide Sanwo-Olu.

This legislative passage follows the adoption of a detailed report presented by Sa’ad Olumoh, the Chairman of the House Committee on Economic Planning and Budget. The approved figure represents an increase from the initial N4.237 trillion proposal presented by the Governor in November 2025, with lawmakers adding approximately N171 billion to cover critical gaps identified during the review process.

A Blueprint for a Megacity
Dubbed the “Budget of Shared Prosperity,” the financial plan is anchored on four strategic pillars designed to cement Lagos’ status as a 21st-century economy. These include human-centric development, the creation of modern and adaptive infrastructure, and the fostering of a thriving megacity economy.

A breakdown of the budget reveals a heavy tilt towards developmental projects. Capital expenditure has been pegged at N2.185 trillion, outstripping the recurrent expenditure of N2.052 trillion. This structure underscores the government’s intent to prioritize physical growth and urban renewal over administrative costs.

Economic Assumptions and Benchmarks
The 2026 budget is built upon specific macroeconomic realities. The House Committee noted that the fiscal framework considers an exchange rate benchmark of N1,512 to the dollar and an inflation rate of 14.7 per cent. Furthermore, revenue projections are based on a daily oil production target of 2.06 million barrels and a benchmark oil price of $64 per barrel.

Legislative Backing
During the plenary session, lawmakers expressed confidence in the budget’s realism. Lawmaker Femi Saheed remarked that the structure of the appropriation bill confirms that Lagos State remains on a solid economic footing. The House also reviewed the performance of the 2025 budget, which recorded a cumulative success rate of 79 per cent as of November, providing a positive precedent for the incoming fiscal year.

With the third reading completed and the bill passed into law, the state is now set to implement this ambitious spending plan, with a projected deficit of N243 billion to be managed through approved financing options.

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Atiku Accuses Tinubu Administration of Neglecting Retired Police Officers.

Ikechukwu Emmanuel

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Former Vice President Atiku Abubakar has criticised President Bola Tinubu’s administration over the alleged poor treatment of retired police officers, warning that many former members of the force are facing hunger, illness and humiliation after decades of service.

Atiku’s comments followed reports of protests by retired police officers at the National Assembly. The retirees, accompanied by their wives and children, reportedly called for legislative action to improve their welfare and secure better pension arrangements.

In a statement issued by his spokesperson, Phrank Shaibu, Atiku said the condition of retired police personnel reflected a broader failure to honour the sacrifices made by those who served the country. He alleged that some serving officers were also being forced to draw from their pension savings to feed their families.

The former vice president specifically called for an immediate response to the Police Exit Bill, which is intended to address the welfare and retirement conditions of police officers. He also demanded an urgent review of police salaries, particularly following the recent pay increase approved for members of the Armed Forces.

According to Atiku, a retired Assistant Superintendent of Police told him that he received a monthly pension of only N29,000. The former vice president questioned how anyone could meet basic needs on such an amount, adding that the retiree disclosed that more than 120 members of his association had died within the past three years.

“‘What would you even buy with N29,000?’ he asked,” Atiku reportedly said, urging President Tinubu to engage directly with retired officers and hear their concerns.

Atiku also recounted the case of a retired female Assistant Commissioner of Police who allegedly sought menial employment after years of service. He said she was later found begging at the Central Mosque in Abuja, prompting one of his media managers to bring the situation to his attention.

Although assistance was provided to the woman, Atiku argued that private intervention could not substitute for a functional and dependable pension system. He said former officers should not have to rely on charity or chance encounters to receive the support they had earned through public service.

The former vice president expressed particular concern that a woman who had risen to the rank of Assistant Commissioner of Police could be reduced to begging. He questioned why she had to be discovered in distress before receiving help, insisting that the state had a responsibility to protect its former personnel.

Atiku’s remarks have renewed debate over the welfare of Nigeria’s police officers, both serving and retired. The controversy also highlights longstanding concerns about inadequate pensions, delayed benefits and the disparity between the compensation of police personnel and other security agencies.

The call for action places pressure on the Federal Government and the National Assembly to address the Police Exit Bill and review the broader welfare framework for officers. For many retired police officers, however, the issue is not merely legislative. It is a demand for dignity, financial security and recognition after years of service to the nation.

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Presidency Accuses Makinde of Making False Claims Over NLNG Dividends

Ikechukwu Emmanuel

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The Presidency has dismissed a claim by Oyo State Governor Seyi Makinde that the Federal Government is withholding ₦250 billion in Nigeria Liquefied Natural Gas (NLNG) dividends for each state in the federation.

In a statement issued on Sunday, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, described the claim as false and urged Nigerians to disregard it. The Presidency said the figure cited by the governor was inconsistent with the historical dividend payments made by NLNG to the Federation Account.

Makinde reportedly made the claim during the 2027 Budget Stakeholders’ Consultative Engagement held at the University of Ibadan. He alleged that the funds had been earmarked for states but would not be released until after the 2027 general elections. According to the governor, Oyo State had already identified projects that could stimulate economic growth but would be unable to proceed if the funds remained withheld.

The Presidency, however, challenged the arithmetic behind the claim. It noted that ₦250 billion for each of Nigeria’s 36 states would amount to ₦9 trillion, excluding allocations to the Federal Government, the Federal Capital Territory and the 774 local government areas.

Under the Federation Account Allocation Committee formula, states receive 26.72 percent of distributable Federation Account revenue. Consequently, the Presidency estimated that NLNG dividends exceeding ₦33.68 trillion—approximately $25 billion—would have been required to generate ₦9 trillion for the states alone.

It further stated that NLNG had never paid $25 billion in dividends to the Federation Account in a single transaction. According to the statement, the company has paid approximately $21.5 billion to the Federation over the past 25 years, with less than $3 billion realised since President Bola Ahmed Tinubu assumed office.

The Presidency therefore argued that the alleged payout would exceed NLNG’s entire historical dividend contribution to the Federation, making the claim economically implausible. It maintained that the funds described by Governor Makinde as withheld could not represent a single NLNG dividend distribution of the size alleged.

Beyond disputing the figures, the statement criticised the governor’s public comments, accusing him of using misleading claims as part of his political activities. The Presidency referenced Makinde’s reported presidential ambition and urged him to provide verifiable facts rather than statements that could mislead the public or create distrust in the Federal Government.

The exchange highlights the continuing political tension surrounding revenue allocation, Federation Account disbursements and the management of national resources. With states facing substantial financial pressures and rising expectations from citizens, claims involving large public funds are likely to attract considerable attention.

The Presidency concluded by calling on Nigerians to disregard what it described as unfounded assertions, warning that such claims could generate unnecessary disaffection against the Federal authorities. Makinde’s position, however, has intensified public discussion about the transparency of NLNG dividends and the broader process through which revenues are distributed among Nigeria’s three tiers of government.

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Catholic Priest Regains Freedom After Abduction in Benue.

Ikechukwu Emmanuel

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Rev. Fr. John Inalegwu Otache, the Catholic priest abducted in Benue State, has reportedly regained his freedom following a rescue operation involving security personnel and local vigilantes.

Otache, Parish Priest of St. Margaret’s Parish, Ajegbe-Awume, in Ohimini Local Government Area, was kidnapped on Tuesday, October 13, 2026, along the Otobi Amejo-Ajegbe Road while returning from Otukpo.

His abduction caused widespread concern among members of the Catholic Diocese of Otukpo and residents of nearby communities, prompting prayers and appeals for his safe return.

The reported rescue has brought relief to his congregation, the wider Catholic community and others who had expressed concern about his whereabouts. However, details of the operation remain unclear, including the circumstances of his release and his current health condition.

Authorities and church officials are expected to provide further information as the situation develops.

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