Governor Babajide Sanwo-Olu has presented a N4.237 trillion budget proposal for the 2026 fiscal year to the Lagos State House of Assembly, describing it as an ambitious plan designed to solidify his administration’s legacy in its final full year. Titled the “Budget of Shared Prosperity,” the proposal reflects a vision for expanding opportunities, strengthening Lagos’ leadership role, and maintaining its status as Africa’s foremost megacity.
The governor said the budget projects total revenue of nearly N4 trillion, with N3.12 trillion expected from Internally Generated Revenue and N874 billion from Federal Transfers, leaving a financing gap of N243.3 billion. He outlined that capital expenditure will total N2.19 trillion, while recurrent expenditure, covering overheads, personnel costs, and debt obligations, is estimated at N2.05 trillion. Breaking down recurrent spending, overheads are projected at N1.08 trillion, personnel costs at N440.5 billion, and debt charges at N143.9 billion, with total debt repayment pegged at N383.4 billion.
Sanwo-Olu also provided the sectoral allocation of the budget, highlighting priorities across government ministries. General Public Services will receive N847.5 billion, Economic Affairs N1.37 trillion, and Public Order and Safety N147 billion. The Environment Ministry is allocated N236 billion, Housing N124 billion, Health N338.4 billion, Education N249.1 billion, Social Protection N70 billion, and Recreation and Culture N54.7 billion.
The governor emphasized that 2026 carries special significance as the last full calendar year of his administration, describing it as a critical period to consolidate achievements and ensure a strong finish. He reaffirmed his commitment to completing ongoing and newly initiated projects while ensuring citizen engagement remains central to government decision-making.
According to Sanwo-Olu, Lagos is entering a new phase of “accelerated impact,” driven by continued investment in infrastructure, human capital, social welfare, and governance systems that are inclusive, intentional, and future-oriented. He reiterated the administration’s core mission: to keep Lagos secure, functional, growing, and ensure that prosperity benefits all residents.
The governor also praised the Lagos State House of Assembly for its consistent collaboration and the civil service for translating government vision into measurable progress, highlighting the partnership as key to the state’s ongoing development.