Lagos State Governor, Babajide Sanwo-Olu, on Tuesday presented a proposed N4.237tn budget for the 2026 fiscal year to the state House of Assembly, with the House vowing to meticulously scrutinise the proposal.
Security was heightened within and around the Assembly complex, with officers from the police, the Nigeria Security and Civil Defence Corps, and the Lagos State Neighbourhood Safety Corps stationed at major entry points.
Members of the state executive council, local government officials, traditional rulers, and other invited guests attended the session, which was presided over by the Speaker, Mudashiru Obasa.
Sanwo-Olu began his presentation of the budget, tagged “Budget of Shared Prosperity,” at about 1.25 p.m.
The proposed budget has a total size of N4,237,107,009,308. It consists of total revenue of N3,993,774,552,141 and deficit financing of N243,332,457,167. The revenue is made up of Internally Generated Revenue of N3,119,774,552,141 and federal transfers of N874,000,000,000.
For expenditure, the government is proposing capital expenditure of N2,185,085,419,495 and recurrent expenditure of N2,052,021,589,812.
The recurrent expenditure, which covers overheads, personnel costs, and debt services, includes a total overhead cost of N1,084,245,843,091. Personnel and debt obligations consist of a total personnel cost of N440,494,339,384, recurrent debt charges of N143,876,701,943, and debt repayments of N383,404,705,394.
Sectoral allocations for the year include 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 Environment, N123,760,310,429 for Housing, N338,449,258,945 for Health, N54,682,339,586 for Recreation, N249,132,921,287 for Education, and N70,024,171,038 for Social Protection.
During the address before the 40-member House, the governor emphasised that the 2026 proposal was designed to promote shared prosperity and build a Lagos that benefits all residents.
“Our mission remains clear: to eradicate poverty and build a Lagos that works for all,” the governor said.
“Our vision continues to guide every fiscal decision we make—to deliver a Greater Lagos where shared prosperity is not an aspiration but a lived and felt reality.”
Sanwo-Olu explained that the budget is anchored on four pillars—a human-centred approach, modern infrastructure, a thriving economy, and effective governance—all aligned with the state’s T.H.E.M.E.S+ Agenda.
The Speaker of the House, Mudashiru Obasa, said the budget prioritised critical sectors: healthcare, education, transportation, security, and governance.
“We have all listened with rapt attention to how the wealth of our state will be utilised for our common good in 2026. The responsibility now lies with this Honourable House to meticulously perform our constitutional duty,” the Speaker said, vowing to scrutinise the proposed budget.
Reflecting on the 2025 fiscal year, Obasa said, “I can say with confidence that the current budget’s execution has been promising, especially in health, education, transport, and security.”
“For 2026, the proposed N4.237tn budget must match Lagosians’ aspirations. It must further economic resilience, improve welfare, strengthen security, and build enduring infrastructure,” he added.
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