Lagos State Governor, Babajide Sanwo-Olu, on Tuesday laid before the Lagos State House of Assembly a proposed N4.237 trillion budget for the 2026 fiscal year, while lawmakers vowed to thoroughly examine the document.
Security around the Assembly complex was significantly intensified, with personnel from the police, Nigeria Security and Civil Defence Corps, and the Lagos Neighbourhood Safety Corps securing major entry points.
The budget presentation, held at about 1:25 p.m., was witnessed by members of the state executive council, local government officials, traditional rulers, and several invited dignitaries. Proceedings were overseen by Speaker Mudashiru Obasa.
Tagged the “Budget of Shared Prosperity,” the proposal totals N4,237,107,009,308, comprising projected revenue of N3,993,774,552,141 and a deficit of N243,332,457,167. The revenue projection includes N3,119,774,552,141 in internally generated revenue and N874 billion in federal allocations.
On expenditure, the state plans to commit N2,185,085,419,495 to capital projects and N2,052,021,589,812 to recurrent costs. The recurrent allocation covers overheads, personnel expenses, and debt servicing, including N1,084,245,843,091 for overheads, N440,494,339,384 for personnel, N143,876,701,943 for recurrent debt charges, and N383,404,705,394 for debt repayment.
Sectoral allocations include:
• N847.47bn for General Public Services
• N147.04bn for Public Order and Safety
• N1.372tn for Economic Affairs
• N235.96bn for Environment
• N123.76bn for Housing
• N338.45bn for Health
• N54.68bn for Recreation
• N249.13bn for Education
• N70.02bn for Social Protection
In his address to the 40-member Assembly, Sanwo-Olu said the 2026 financial plan was crafted to ensure inclusive growth across the state.
“Our mission remains clear: to eradicate poverty and build a Lagos that works for all,” he stated.
He added that the government’s decisions are guided by a commitment to making “shared prosperity … a lived and felt reality.”
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The governor explained that the proposal is anchored on four focus points: a people-centred strategy, modern infrastructure, economic expansion, and strong governance—all aligned with the T.H.E.M.E.S+ Agenda.
Speaker Mudashiru Obasa commended the priorities set in the budget, noting its emphasis on health, education, transportation, security, and governance.
“We have all listened with rapt attention to how the wealth of our state will be utilised for our common good in 2026. The responsibility now lies with this Honourable House to meticulously perform our constitutional duty,” he said.
Reflecting on the ongoing 2025 budget implementation, Obasa remarked that its performance has been encouraging, particularly in key sectors such as health, education, transport, and security.
He added, “For 2026, the proposed N4.237tn budget must match Lagosians’ aspirations. It must further economic resilience, improve welfare, strengthen security, and build enduring infrastructure.”