According to a report by the Foundation for Investigative Journalism, the Assembly earmarked ₦35.47 billion for the project, while an additional ₦20 billion was approved for site development, bringing the total cost to ₦55.47 billion.

Budget documents published by the Lagos State Ministry of Economic Planning and Budget on February 3 indicate that the funds are allocated under the construction of residential buildings for members of the Assembly.

Housing Deficit Concerns

The investigation noted that, based on federal government benchmark prices for housing units, the ₦55.47 billion could deliver thousands of homes.

Using the approved prices—₦8.5 million for a one-bedroom unit, ₦11.5 million for a two-bedroom, and ₦12.5 million for a three-bedroom apartment—the amount could fund between about 4,400 and 6,500 housing units, depending on the design.

A 2025 housing market report by the Roland Igbinoba Real Foundation for Housing and Urban Development estimated Lagos’ housing deficit at roughly 3.4 million units, highlighting the scale of the shortfall.

Details of the Project

The residential development is planned for Ikeja Local Government Area and falls under the executive and legislative allocations of the state’s ₦4.4 trillion 2026 Appropriation Law.

The project budget covers designs, soil tests, pile works, documentation, and consultancy services.

In addition, ₦20 billion has been set aside for site development at the proposed permanent legislative quarters. The works will include perimeter fencing, drainage systems, gutter slabs, landscaping, and beautification of the Assembly complex and residential zone.

Previous Allocations

The report noted that the Assembly had previously received allocations for residential projects. In the 2025 budget, more than ₦6 billion was approved for property acquisitions in Lagos and Abuja.

By the third quarter of that year, about ₦1.0003 billion had been spent to purchase 40 properties across the two cities.

That same year, the state also approved ₦3.5 billion for rehabilitation works at the Assembly complex, covering repairs to facilities such as gatehouses, car parks, prayer centres, and leisure areas.

Lawmakers’ Position

Some lawmakers had earlier denied that the 2026 budget contained provisions for residential properties. They argued that the Assembly’s capital expenditure represented less than 0.04 per cent of the state’s total capital spending.

However, the investigation indicated that the Assembly’s ₦79 billion capital allocation accounts for about 3.3 per cent of the state’s ₦2 trillion capital budget for 2026.

In total, the Assembly has a budget of ₦123 billion out of the state’s ₦4.4 trillion appropriation for the 2026 fiscal year.

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