Sanwo-Olu Presents ₦4.24 Trillion ‘Budget Of Shared Prosperity’ For 2026, Lagos Assembly Pledges Thorough Scrutiny

Lagos State Governor, Babajide Sanwo-Olu, on Tuesday presented a proposed ₦4.237 trillion budget for the 2026 fiscal year to the Lagos State House of Assembly, with lawmakers pledging to conduct a thorough review of the proposal.

The presentation, held at the Assembly complex under tight security, was attended by members of the State Executive Council, local government officials, traditional rulers, and other dignitaries. The session was presided over by Speaker Mudashiru Obasa.

Tagged the “Budget of Shared Prosperity,” the proposed spending plan amounts to ₦4,237,107,009,308, comprising total revenue of ₦3.99 trillion and a deficit of ₦243.3 billion. The revenue projection includes ₦3.12 trillion from Internally Generated Revenue (IGR) and ₦874 billion from federal transfers.

The budget earmarks ₦2.19 trillion for capital expenditure and ₦2.05 trillion for recurrent expenditure. The recurrent spending covers ₦1.08 trillion in overhead costs, ₦440.49 billion for personnel, ₦143.88 billion for recurrent debt servicing, and ₦383.40 billion for debt repayment.

Sectoral allocations include:

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 and Culture: ₦54.68 billion

Education: ₦249.13 billion

Social Protection: ₦70.02 billion

Governor Sanwo-Olu said the 2026 proposal is focused on creating inclusive growth, eradicating poverty, and building a Lagos that works for all.

“Our mission remains clear—to eradicate poverty and build a Lagos that works for everyone,” he stated. “This budget will deliver a Greater Lagos where shared prosperity is not just a vision but a lived reality.”

He explained that the fiscal plan is anchored on four key pillars: a human-centred approach, modern infrastructure, a thriving economy, and effective governance, in line with the state’s T.H.E.M.E.S+ Agenda.

Speaker Obasa, in his response, commended the government’s efforts in implementing the 2025 budget and assured that the Assembly would scrutinise the 2026 proposal to ensure it aligns with citizens’ needs.

“This Honourable House will meticulously perform its constitutional duty,” he said. “The 2026 budget must reflect Lagosians’ aspirations—strengthening economic resilience, improving welfare, boosting security, and sustaining infrastructure growth.”