Lagos State Governor, Babajide Sanwo-Olu, on Tuesday unveiled a proposed ₦4.237 trillion budget for the 2026 fiscal year before the state House of Assembly, pledging to deepen economic resilience and deliver shared prosperity for residents.
The presentation, which began at 1:25 p.m., was held under tight security, with officers from the Nigeria Police, the Nigeria Security and Civil Defense Corps, and the Lagos State Neighborhood Safety Corps stationed at major entry points around the Assembly complex.
The session was presided over by Speaker Mudashiru Obasa and attended by members of the state executive council, local government officials, traditional rulers, and other invited dignitaries.
The proposed budget tagged “Budget of Shared Prosperity,” has a total size of ₦4,237,107,009,308. It is anchored on projected revenue of ₦3.99 trillion and deficit financing of ₦243.3 billion.
- Revenue Sources: Internally Generated Revenue (IGR) of ₦3.12 trillion and federal transfers of ₦874 billion.
- Expenditure: Capital expenditure of ₦2.18 trillion and recurrent expenditure of ₦2.05 trillion.
- Recurrent Details: Overheads (₦1.08 trillion), personnel costs (₦440.5 billion), recurrent debt charges (₦143.8 billion), and debt repayments (₦383.4 billion).
Sectoral Allocations
The budget prioritizes critical sectors with the following allocations:
- General Public Services – ₦847.47 billion
- Public Order and Safety – ₦147.04 billion
- Economic Affairs – ₦1.37 trillion
- Environment – ₦235.96 billion
- Housing – ₦123.76 billion
- Health – ₦338.45 billion
- Recreation – ₦54.68 billion
- Education – ₦249.13 billion
- Social Protection – ₦70.02 billion
Sanwo-Olu emphasized that the proposal was designed to promote inclusivity and prosperity across Lagos. “Our mission remains clear: to eradicate poverty and build a Lagos that works for all,” he said.
He explained that the budget is anchored on four pillars:
- A human‑centered approach
- Modern infrastructure
- A thriving economy
- Effective governance
All pillars are aligned with the state’s T.H.E.M.E.S+ Agenda, the administration’s strategic development framework.
Legislative Response
Speaker Mudashiru Obasa commended the governor’s presentation but stressed that the Assembly would meticulously scrutinize the proposal.
“The responsibility now lies with this Honorable House to perform our constitutional duty,” he said.
Reflecting on the 2025 fiscal year, Obasa noted that execution had been promising in health, education, transport, and security.
He added: “For 2026, the proposed ₦4.237 trillion budget must match Lagosians’ aspirations. It must further economic resilience, improve welfare, strengthen security, and build enduring infrastructure.”
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