Governor Babajide Sanwo-Olu on Tuesday presented a ₦4.23 trillion Appropriation Bill for the 2026 fiscal year to the Lagos State House of Assembly, describing it as a “Budget of Shared Prosperity” designed to consolidate his administration’s legacy.
Eko Hot News reports that Speaker Mudashiru Ajayi Obasa praised the governor for his leadership and commitment to Lagos’ development, noting that the budget aligns with the state’s long-term aspirations. Obasa commended Sanwo-Olu’s courage and consistency in navigating economic challenges while driving major infrastructure projects. He highlighted the success of recent initiatives, including Lagos becoming the first African city to host the E1 Racing Championship.
The Lagos Budget prioritises key sectors such as healthcare, education, transportation, security, governance, and economic affairs. Obasa emphasised that the legislature will thoroughly review the proposal to ensure the state’s wealth is used effectively for the people’s benefit.
Sanwo-Olu revealed that the 2026 budget has a total revenue projection of ₦3.99 trillion, comprising ₦3.12 trillion from Internally Generated Revenue and ₦874 billion from federal transfers, leaving a deficit financing requirement of ₦243 billion. Capital expenditure is projected at ₦2.18 trillion, while recurrent spending will take ₦2.05 trillion, covering overheads, personnel costs, and debt obligations.
Sectoral allocations include ₦847.4 billion for General Public Services, ₦147 billion for Public Order and Safety, ₦1.37 trillion for Economic Affairs, ₦235.9 billion for Environment, ₦123.7 billion for Housing, ₦338.4 billion for Health, ₦249.1 billion for Education, and ₦70 billion for Social Protection.
Sanwo-Olu noted that 2026 will be the final full year of his administration, making it a pivotal period for completing ongoing projects and accelerating impact across infrastructure, human capital, and governance. He reaffirmed his commitment to keeping Lagos secure, functional, and progressive while ensuring shared prosperity for all residents.
The governor also praised the Lagos State House of Assembly for its cooperation and oversight, and acknowledged the hardworking civil service for turning government policies into measurable results.
