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Economy

2026 Appropriation Bill Vital for Lagos to Remain Africa’s Economic Hub – Obasa

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Lagos 2026 budget prioritises healthcare, education, and infrastructure to enhance growth and improve residents’ quality of life

The Lagos 2026 Budget has been hailed as a pivotal step in sustaining the city’s status as Africa’s leading economic hub, Speaker of the Lagos State House of Assembly, Rt. Hon. Dr. Mudashiru Ajayi Obasa, stated on Tuesday.

Also read: Speaker Obasa Felicitates GAC Leader Prince Olusi on 89th Birthday, hails his ‘invaluable contributions’ to Lagos

Delivering his remarks during Governor Babajide Sanwo-Olu’s presentation of the Appropriation Bill at the Assembly chamber, Obasa praised the governor for crafting a “comprehensive budget that aligns with Lagos’ aspirations for growth and development.”

The event was attended by state executives, traditional rulers, political and party leaders, captains of industry, and members of the Diplomatic Corps.

“You have maintained a track record of resourceful consistency, steering our state through economic challenges while driving infrastructure development,” Obasa said.

“Not long ago, you brought the E1 Racing Championship to Lagos, making it the first African city to host such a prestigious event.”

The Speaker emphasised the legislature’s role in complementing the executive’s initiatives by enacting laws that enhance socio-economic growth, local government reform, and institutional development.

He cited the approval of a ₦125 billion bond and the Smart Solar All-in-One Streetlight Project as examples of productive collaboration between the Assembly and the executive.

Obasa also commended the Renewed Hope Agenda of President Bola Ahmed Tinubu, highlighting strides in national infrastructure, improved economic confidence, and Nigeria’s recent delisting from the Financial Action Task Force grey list.

He lauded First Lady, Senator Oluremi Tinubu, for her initiatives promoting women’s economic empowerment and education, including the distribution of sanitary pads to schoolgirls nationwide and the Oluremi@65 Education Fund.

Governor Sanwo-Olu, presenting the budget themed “Budget of Shared Prosperity,” revealed a total proposal of ₦4.237 trillion, with internally generated revenue of ₦3.993 trillion and a modest deficit financing of ₦243.332 billion.

Anchored on four pillars—human-centred development, modern infrastructure, a thriving economy, and good governance—the budget is designed to eradicate poverty and expand opportunities for all Lagos residents.

Also readSpeaker Obasa Commends Remi Tinubu at 65, Applauds Positive Impact of ‘Renewed Hope Initiative’

“Our mission remains clear: to eradicate poverty and build a Lagos that works for everyone,” the governor said, underlining the budget’s role as a roadmap for continuity, resilience, and shared prosperity.

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Economy

Fuel Hike Hits Keke Riders, Transport Fares Rise in Taraba

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Fuel

Fuel price surge to N1,400 per litre in Taraba State is forcing Keke Napep riders to increase fares from N200 to N300, impacting daily transport and market costs amid Middle East tensions

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Business

Nigeria’s Reforms Set to Deliver Economic Gains in 2026

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Nigeria reform dividend 2026 expected to boost investment, credit access, and household welfare as macroeconomic stabilisation gives way to growth

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Economy

Zamfara Governor Dauda Lawal Outlaws Cash Revenue Collection, Sets ₦42 Billion IGR Target

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In a landmark move to sanitise public finance and plug revenue leakages, Governor Dauda Lawal has ordered the immediate and total abolition of cash collections for all government revenues across Zamfara State. The directive marks a significant shift toward a fully digitised financial architecture, aimed at ensuring transparency and accountability in the state’s fiscal operations.

The Governor announced the ban during a high-level town hall meeting convened in Gusau by the Zamfara State Internal Revenue Service (ZSIRS). The gathering was primarily organised to sensitise key stakeholders on the implications and opportunities presented by the Nigeria Tax Reform Acts 2025, which seek to modernise tax administration and delineate fiscal responsibilities among the federal, state, and local governments.

Speaking at the event, Governor Lawal underscored that revenue generation is a collective obligation shared by all Ministries, Departments, and Agencies (MDAs). He issued a stern warning against the persistence of revenue leakages, duplication of charges, and the illegal practice of collecting funds outside officially approved channels.

“The era of cash transactions for government revenue is over in Zamfara State,” the Governor asserted. “We are building a system where every kobo due to the state is accounted for digitally, leaving no room for manipulation or misappropriation.”

The Governor’s executive order is backed by the recently re-enacted Zamfara State Consolidated Revenue Law, which provides a fortified legal framework for revenue administration. The new law consolidates the authority of the state revenue service, harmonizing the collection of both tax and non-tax revenues under a single, unified, and digital-first system.

In line with these aggressive reforms, the Zamfara State Government has set a bold Internally Generated Revenue (IGR) target for the 2025 fiscal year, aiming to generate between ₦38 billion and ₦42 billion. Officials stated that the target is achievable through the ongoing reforms, which are focused on expanding the tax net, improving collection efficiency, and embedding robust accountability mechanisms across all revenue-generating entities.

The town hall meeting served as a platform to engage with stakeholders on how to navigate the new tax laws and leverage technology to boost state revenue without overburdening citizens. The event concluded on a high note with the presentation of awards of excellence to various MDAs and individuals who demonstrated outstanding performance and diligence in revenue remittance, setting a precedent for others to follow under the new dispensation.

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