Sanwo-Olu presents N4.237 trillion 2026 budget proposal
Lagos State Governor, Babajide Sanwo-Olu, yesterday presented a N4.237 trillion budget proposal for the 2026 fiscal year to the Lagos State House of Assembly for consideration and possible approval. The proposal tagged “Budget of Shared Prosperity,” marks a significant increase of more than N1 trillion compared to the N3.005 trillion budget for 2025. “This budget […]
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Lagos State Governor, Babajide Sanwo-Olu, yesterday presented a N4.237 trillion budget proposal for the 2026 fiscal year to the Lagos State House of Assembly for consideration and possible approval.
The proposal tagged “Budget of Shared Prosperity,” marks a significant increase of more than N1 trillion compared to the N3.005 trillion budget for 2025.
“This budget is proposed at a total size of N4.237 trillion. This budget comprises a total revenue of N3.993 trillion, which has only a deficit financing of N243.332 billion. We also have a total revenue comprising totally internally generated revenue of N3.119 trillion and total federal transfers of N874 billion,” the governor said.
He proposed capital expenditure of N2.185 trillion and recurrent expenditure of N2.055 trillion, covering overheads, personnel, and debt servicing.
Sanwo-Olu told lawmakers that the budget proposal was anchored on four pillars- human-centred approach, modern Infrastructure, thriving economy, and effective governance.
According to him, Lagos has consolidated its status as Africa’s second-largest city economy after Cairo.
The governor attributed the feat to consistency, innovation and resilience of the state residents.
He highlighted other milestones by Lagos as hosting Africa’s first E1 Electric Powerboat Grand Prix, securing hosting rights for the 2026 Creative Africa Nexus and the 2027 Intra-African Trade Fair.
Sanwo-Olu also highlighted the state’s progress in 2025 across education, healthcare, social protection, transport, housing, environmental management, agriculture and technology.
He said that his administration completed more than 250 educational infrastructure projects, expanded healthcare facilities and strengthened the state’s social register.
“We are shifting from building infrastructure to integrating it. We need to emphasise plans to interlink roads, rail, waterways, power systems and digital networks into one functional mobility ecosystem,” he said.
In his remarks, the Speaker, Mudashiru Obasan pledged proper scrutiny of the budget before its passage.
Obasa said the proposal aligned with Lagos’ growth ambitions and reflects the administration’s commitment to strengthening healthcare, education, transportation, security, and governance in the coming year.
He commended the governor’s consistency in steering the state through economic challenges while sustaining infrastructure development.