Lagos State Governor, Babajide Sanwo-Olu, on Tuesday presented a record N4.237 trillion budget proposal for the 2026 fiscal year to the Lagos State House of Assembly, with lawmakers pledging a thorough and transparent review of the document.
Security was visibly reinforced across the Assembly complex as officers of the Nigeria Police Force, the Nigeria Security and Civil Defence Corps, and the Lagos State Neighbourhood Safety Corps manned key entry points. The budget presentation attracted members of the State Executive Council, local government chairmen, traditional rulers and other dignitaries. The session was presided over by Speaker Mudashiru Obasa.
Presenting the proposal, tagged the “Budget of Shared Prosperity,” Governor Sanwo-Olu said the 2026 fiscal plan was designed to deepen inclusive development and expand opportunities for residents across the state.
Budget Breakdown
The proposed budget size of N4,237,107,009,308 comprises N3,993,774,552,141 in expected revenue and N243,332,457,167 in deficit financing.
Revenue projections include:
N3.12tn in Internally Generated Revenue (IGR)
N874bn in expected federal transfers
Total expenditure is divided into:
Capital expenditure: N2,185,085,419,495
Recurrent expenditure: N2,052,021,589,812
Recurrent spending covers:
Overheads: N1,084,245,843,091
Personnel cost: N440,494,339,384
Recurrent debt charges: N143,876,701,943
Debt repayment: N383,404,705,394
Sectoral Allocations
Key allocations for the 2026 fiscal year include:
General Public Services – N847.47bn
Public Order and Safety – N147.04bn
Economic Affairs – N1.37tn
Environment – N235.96bn
Housing – N123.76bn
Health – N338.45bn
Recreation, Culture and Religion – N54.68bn
Education – N249.13bn
Social Protection – N70.02bn
Sanwo-Olu said the budget is anchored on four strategic pillars—human development, modern infrastructure, economic vibrancy, and effective governance—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 said. “Shared prosperity must not only be a vision; it must be a lived and felt reality for every Lagosian.”
Lawmakers Vow Rigorous Review
Speaker Obasa commended the administration’s implementation of the 2025 budget, describing performance in health, education, transportation and security as “promising.”
He emphasised that the Assembly would subject the new proposal to strict scrutiny.
“We have listened with rapt attention to how the wealth of our state will be utilised for our common good in 2026,” Obasa said. “It is now the responsibility of this Honourable House to meticulously discharge our constitutional duty.”
Obasa added that the 2026 proposal must align with the expectations of residents, strengthen economic resilience, enhance public welfare and bolster security.
