Governor Babajide Sanwo-Olu of Lagos, has submitted a proposed budget of N4.237 trillion to the Lagos State House of Assembly for 2026, describing it as the “Budget of Shared Prosperity.”
The plan prioritised economic growth, healthcare, and education while consolidating the administration’s ongoing initiatives.
During the presentation, Governor Sanwo-Olu emphasized that the budget reflects a forward-looking strategy aimed at sustaining Lagos’s leadership as a hub of opportunities.
He highlighted that projected revenue totals N3.994 trillion, consisting of N3.12 trillion from Internally Generated Revenue and N874 billion from federal allocations, leaving a deficit financing requirement of N243 billion.
Capital expenditure is set at N2.185 trillion, while recurrent spending, covering personnel, overheads, and debt obligations, is estimated at N2.052 trillion.
Personnel costs account for N440 billion, general overheads at N1.084 trillion, recurrent debt charges at N144 billion, and debt repayment at N383 billion.
The sectoral allocations underscore the administration’s development priorities. Economic Affairs leads with N1.372 trillion, followed by General Public Services at N847 billion, Health at N338 billion, and Education at N249 billion.
Other sectors include Environment (N236 billion), Housing (N124 billion), Public Order and Safety (N147 billion), Recreation (N55 billion), and Social Protection (N70 billion).
Governor Sanwo-Olu stated that 2026 is particularly important as the final full year of his term, emphasising his administration’s commitment to completing ongoing projects and engaging residents to ensure that their priorities shape government programs.
The budget now awaits deliberation and approval by the Lagos State House of Assembly.
