Lagos State governor Babajide Sanwo-Olu, on Tuesday laid before the Lagos State House of Assembly a ₦4.237 trillion spending plan for 2026, describing it as a “Budget of Shared Prosperity” designed to strengthen infrastructure, expand social services, and deepen economic resilience.
The presentation, which began shortly after 1 p.m., drew a full house of dignitaries including members of the state executive council, local government chairmen, and traditional rulers. Security was visibly tight around the Assembly complex, with police, civil defence, and neighbourhood safety officers manning entry points.
Key highlights of the appropriation bill include:
Projected Revenue: ₦3.99 trillion (₦3.12 trillion from internally generated sources, ₦874 billion from federal transfers)
Deficit Financing: ₦243 billion
Expenditure Split: ₦2.18 trillion for capital projects, ₦2.05 trillion for recurrent costs
Recurrent spending covers overheads, personnel, and debt obligations, with debt repayments alone accounting for ₦383 billion.
Sectoral Allocations in the budget are as follows:
Economic Affairs: ₦1.37 trillion
General Public Services: ₦847 billion
Health: ₦338 billion
Education: ₦249 billion
Environment: ₦236 billion
Housing: ₦124 billion
Public Order & Safety: ₦147 billion
Social Protection: ₦70 billion
Recreation: ₦55 billion
Sanwo-Olu said the budget rests on four pillars: human-centred development, modern infrastructure, a thriving economy, and effective governance, all aligned with the state’s T.H.E.M.E.S+ Agenda.
“Our mission remains clear: to eradicate poverty and build a Lagos that works for all,” he declared, stressing that prosperity must be “a lived and felt reality” for residents.
Speaker Mudashiru Obasa, who presided over the session, assured that lawmakers would scrutinise the proposal thoroughly. He noted that the 2025 budget had delivered promising results in health, education, transport, and security, but insisted that the 2026 plan must go further to meet Lagosians’ aspirations.
The record-breaking budget underscores Lagos’ ambition to remain Nigeria’s economic powerhouse while tackling social needs and debt obligations. With capital projects taking slightly more than half of the spending, the government is betting on infrastructure and economic affairs as engines of growth, while also boosting health and education to improve quality of life.
