On Tuesday, Lagos State Governor Babajide Sanwo-Olu formally presented a substantial proposed budget of N4.237 trillion for the 2026 fiscal year to the Lagos State House of Assembly. The legislative body pledged a thorough and detailed examination of the financial plan.
Heightened security measures were evident in and around the Assembly building, with law enforcement officers from the police force, the Nigeria Security and Civil Defence Corps, and the Lagos State Neighbourhood Safety Corps strategically positioned at all major access points.
The special session, overseen by Speaker Mudashiru Obasa, was attended by key figures including members of the state’s executive branch, local government representatives, traditional leaders, and other invited dignitaries.
Governor Sanwo-Olu commenced his presentation of the budget, dubbed “Budget of Shared Prosperity,” at approximately 1:25 p.m.
The expansive budget proposal outlines a total size of N4,237,107,009,308. It encompasses total projected revenue of N3,993,774,552,141, supplemented by deficit financing of N243,332,457,167. The anticipated revenue comprises N3,119,774,552,141 in Internally Generated Revenue and N874,000,000,000 from federal government allocations.
Regarding expenditures, the government is earmarking N2,185,085,419,495 for capital projects and N2,052,021,589,812 for recurrent operational expenses.
The recurrent expenditure, which includes operational costs, employee compensation, and debt management, allocates a total of N1,084,245,843,091 for general overhead costs. Employee-related costs and financial obligations consist of N440,494,339,384 for personnel expenses, N143,876,701,943 for recurrent debt-related charges, and N383,404,705,394 for debt repayment.
Specific sectors have been assigned the following allocations for the year: N847,472,071,966 for General Public Services, N147,040,088,897 for Public Order and Safety, N1,372,307,808,626 for Economic Affairs, N235,957,235,138 for Environmental concerns, N123,760,310,429 for Housing development, N338,449,258,945 for Healthcare, N54,682,339,586 for Recreation, N249,132,921,287 for Educational programs, and N70,024,171,038 for Social Welfare initiatives.
During his address to the 40-member Assembly, the Governor stressed that the 2026 budgetary plan was specifically formulated to cultivate shared progress and establish a Lagos that benefits every inhabitant.
“Our central aim is unwavering: to eradicate deprivation and construct a Lagos that serves the needs of everyone,” the Governor asserted.
“Our guiding vision continues to shape every financial decision we undertake—to realize a Greater Lagos where inclusive prosperity is not simply an ambition, but a tangible and lived reality.”
Sanwo-Olu clarified that the budget is based on four fundamental pillars – a people-focused strategy, updated infrastructure, a vibrant economic landscape, and effective governance – all in accordance with the state’s T.H.E.M.E.S+ Agenda.
Speaker of the House, Mudashiru Obasa, noted that the budget gives high priority to crucial areas: health services, learning institutions, transportation networks, security measures, and effective administration.
“We have diligently listened to the proposed allocation of our state’s resources for the collective welfare in 2026. The responsibility now rests upon this esteemed House to thoroughly execute our constitutional duty,” the Speaker stated, promising a rigorous review of the proposed budget.
Reflecting on the 2025 fiscal year, Obasa remarked, “I can confidently affirm that the execution of the current budget has shown promise, especially in the domains of health, education, transport, and security.”
“For 2026, the proposed N4.237tn budget must align with the desires of the people of Lagos. It must further enhance economic strength, improve quality of life, reinforce security, and establish long-lasting infrastructure,” he concluded.
