Lagos State Governor, Babajide Sanwo-Olu, on Tuesday presented a landmark N4.237 trillion 2026 budget proposal to the Lagos State House of Assembly, with lawmakers pledging detailed scrutiny of the spending plan.
Security was tightened around the Assembly complex, as operatives of the Nigeria Police Force, NSCDC, and the Lagos Neighbourhood Safety Corps manned strategic checkpoints during the presentation.
Top government officials, traditional rulers, local government chairmen, and invited guests attended the budget session presided over by Speaker Mudashiru Obasa.
Sanwo-Olu began presenting the budget—tagged “Budget of Shared Prosperity”—at about 1:25 p.m.
Breakdown of the N4.237tn Proposal
The proposed 2026 budget amounts to N4,237,107,009,308, comprising:
- Revenue Framework – N3.99tn
- Internally Generated Revenue (IGR): N3,119,774,552,141
- Federal Transfers: N874,000,000,000
- Deficit Financing: N243,332,457,167
- Expenditure – N4.23tn
- Capital Expenditure: N2,185,085,419,495
- Recurrent Expenditure: N2,052,021,589,812
The recurrent spending includes:
- Overhead Costs: N1,084,245,843,091
- Personnel Costs: N440,494,339,384
- Recurrent Debt Charges: N143,876,701,943
- Debt Repayment: N383,404,705,394
Sectoral Allocation
Key allocations for 2026 include:
- General Public Services: N847,472,071,966
- Public Order & Safety: N147,040,088,897
- Economic Affairs: N1,372,307,808,626
- Environment: N235,957,235,138
- Housing: N123,760,310,429
- Health: N338,449,258,945
- Recreation, Culture & Religion: N54,682,339,586
- Education: N249,132,921,287
- Social Protection: N70,024,171,038
“A Lagos That Works for Everyone” — Sanwo-Olu
Addressing the 40-member Assembly, Governor Sanwo-Olu said the 2026 budget was crafted to uplift residents and foster shared economic prosperity.
“Our mission remains clear: to eradicate poverty and build a Lagos that works for all,” he stated.
- “Shared prosperity must become a lived reality, not just an aspiration.”
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He explained that the proposal is anchored on four pillars:
- Human-centred development
- Modern and resilient infrastructure
- A thriving economic environment
- Effective and transparent governance
- All elements, he added, align with the state’s T.H.E.M.E.S+ Agenda.
- House Promises Thorough Examination
Speaker Mudashiru Obasa said the proposed budget prioritises key sectors, including healthcare, education, transportation, security, and governance.
- “The responsibility now lies with this Honourable House to meticulously perform our constitutional duty,” he said, assuring Lagosians of a detailed review.
Reflecting on the implementation of the 2025 budget, the Speaker noted improvements in health, education, transport, and security, urging that the new proposal must drive further progress.
- “The 2026 budget must strengthen economic resilience, improve welfare, enhance security, and deliver infrastructure that meets the needs of our people,” he added.
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