Lagos State Governor, Babajide Sanwo-Olu, on Tuesday laid before the state House of Assembly a proposed N4.237tn budget for the 2026 fiscal year, with lawmakers pledging a thorough and painstaking review of the document.
Heightened security marked the presentation at the Assembly complex, where officers of the police, Nigeria Security and Civil Defence Corps and the Lagos State Neighbourhood Safety Corps manned key entry points. Members of the state executive council, local government officials, traditional rulers and other guests were in attendance as Speaker Mudashiru Obasa presided over the session.
Sanwo-Olu, who began his presentation at about 1:25 p.m., described the proposal—tagged “Budget of Shared Prosperity”—as a financial plan designed to deepen economic growth and ensure that development is felt across all segments of society. He stressed that the government remained committed to eliminating poverty and building a Lagos that works for every resident.
The budget projection totals N4,237,107,009,308, supported by an estimated N3.99tn in revenue and a N243.33bn deficit. Internally Generated Revenue is expected to contribute N3.12tn, while federal transfers are projected at N874bn.
On the expenditure side, capital spending is projected at N2.185tn, slightly higher than recurrent spending, which stands at N2.052tn. Recurrent costs include N1.084tn in overheads, N440.49bn for personnel, N143.88bn for debt servicing, and N383.40bn for debt repayment.
Allocations across major sectors reflect the administration’s priorities, with substantial provisions for general public services, economic affairs, environment, housing, health, education, public order and safety, recreation, and social protection.
Sanwo-Olu said the 2026 plan aligns with the state’s T.H.E.M.E.S+ agenda and is anchored on a human-centered development approach, modern infrastructure, a competitive economy and effective governance.
Responding after the presentation, Speaker Obasa acknowledged the focus on critical sectors such as healthcare, education, transportation, security and governance. He reaffirmed the Assembly’s resolve to subject every aspect of the proposal to rigorous scrutiny, insisting that the final budget must reflect the aspirations and needs of Lagos residents.
Looking back on the 2025 fiscal year, Obasa expressed confidence in the state’s performance, especially in health, education, transport and security. He noted that the 2026 proposal must further strengthen welfare structures, boost economic resilience and deliver sustainable infrastructure for Africa’s largest city.
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