The Lagos State House of Assembly, during its plenary session on Thursday, adopted the recommendations of the Committee on Finance on the Lagos State Wealth Fund Bill, 2025, as the resolutions of the House, following amendments.
The adoption followed the presentation of a report by the Chairman of the Committee on Finance, Hon. Obafemi Saheed, on a bill titled: “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.”
Recall that the bill had earlier scaled through second reading and was subsequently referred to the Committee on Finance for detailed scrutiny and reporting back to the House.
During deliberations on the committee’s report, lawmakers engaged in extensive discussions, raising observations and contributing to the refinement of the proposed legislation.
Presiding over the session, the Speaker of the House, Rt. Hon. Mudashiru Ajayi Obasa, emphasized the need for a strong governance structure for the proposed fund, stressing that it must reflect competence, experience, and inclusiveness in its administration.
Following the deliberations, the Speaker adopted the committee’s recommendations as the resolution of the House, as amended.
In a related development, Speaker Obasa congratulated lawmakers who emerged victorious in the recently concluded All Progressives Congress (APC) primary elections.
He urged those who did not secure the party’s ticket not to be discouraged, encouraging all members to remain committed to the party’s progress and work towards its success in the forthcoming general elections.
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