Lagos State Governor Babajide Sanwo-Olu on Tuesday presented a ₦4.237 trillion budget proposal for 2026 to the Lagos State House of Assembly, describing it as a “bold and forward-looking financial plan” designed to consolidate his administration’s legacy in its final full year.
Unveiling the “Budget of Shared Prosperity,” Sanwo-Olu said the appropriation bill reaffirms his government’s commitment to ensuring Lagos “continues to rise, continue to lead, and continue to create opportunities for every resident of Africa’s preferred megacity.”
The 2026 proposal projects ₦3.99 trillion in total revenue, comprising ₦3.12 trillion in Internally Generated Revenue and ₦874 billion from federal transfers. The figures leave an anticipated ₦243.33 billion financing deficit.
Sanwo-Olu proposed ₦2.19 trillion for capital expenditure and ₦2.05 trillion for recurrent spending in 2026. The recurrent bill covers overheads, personnel costs and debt obligations, including ₦1.08 trillion in total overheads—covering general overheads, subventions and dedicated spending—₦440.49 billion for personnel costs, ₦143.88 billion for recurrent debt charges and ₦383.40 billion for debt repayments.
He also outlined the sectoral allocations for the year. Economic Affairs receives the largest share with ₦1.37 trillion, followed by General Public Services with ₦847.47 billion. The Health sector is allocated ₦338.45 billion, while the Environment receives ₦235.96 billion. Education is allocated ₦249.13 billion, Housing ₦123.76 billion, and Public Order and Safety ₦147.04 billion. Recreation is set to receive ₦54.68 billion, while Social Protection gets ₦70.02 billion.
Sanwo-Olu noted that 2026 marks the last full year of his tenure, calling it “a pivotal period for consolidating our legacy and ensuring a strong, successful finish.” He reiterated his administration’s commitment to completing all ongoing and planned projects while continuing to engage residents to ensure government decisions reflect their priorities.
