Lagos assembly moves forward on wealth fund bill

Lawmakers in the Lagos State House of Assembly on Thursday adopted the recommendations of the House Committee on Finance on the Lagos State Wealth Fund Bill, 2025, with amendments during plenary.

The recommendations followed the presentation of the committee’s report by its Chairman, Obafemi Saheed.

Saheed presented the report on “A Bill for a Law to Establish the Lagos State Wealth Fund to Receive, Manage and Invest in a Diversified Portfolio of Medium and Long-Term Assets for the Benefit of Lagos State and Future Generations of Its Indigenes and Residents and for Connected Purposes.”

The bill had earlier passed second reading and was subsequently referred to the Committee on Finance for further legislative scrutiny and recommendations.

Following the presentation of the report, lawmakers extensively debated the proposed legislation and raised observations on key provisions.

Speaker of the House, Mudashiru Obasa, who presided over the plenary, emphasised the need for the governance structure of the proposed fund to reflect competence, experience, and inclusiveness.

He thereafter adopted the committee’s recommendations, as amended, as the resolution of the House.

In a separate development, Obasa congratulated lawmakers who emerged victorious in the recently concluded All Progressives Congress primary elections and urged those who did not secure the party’s ticket to remain committed to the party. The Speaker called on members to work towards ensuring the success and victory of the APC in the forthcoming general elections.