Lagos State Governor Babajide Sanwo-Olu yesterday unveiled a record-breaking financial blueprint for the nation’s commercial capital, presenting a massive 4.237 trillion Naira proposed budget for the 2026 fiscal year to the Lagos State House of Assembly.
The proposal, tagged the “Budget of Shared Prosperity,” marks the largest annual spending plan in the state’s history and represents a significant increase from the previous year’s budget.
Speaking before the 40-member House, Governor Sanwo-Olu emphasized that the 2026 proposal is designed to fast-track modern infrastructure delivery, strengthen social services, and expand opportunities for all residents.
The budget allocates a higher share of the funds to development projects:
• Capital Expenditure (Projects): 2.185 trillion Naira
• Recurrent Expenditure (Overheads/Salaries): 2.052 trillion Naira
Governor Sanwo-Olu: “This budget is a reaffirmation of our collective belief that Lagos can continue to rise… Our mission remains clear: to eradicate poverty and build a Lagos that works for everyone, anchored on human-centred approach, modern infrastructure, a thriving economy, and effective governance.”
The bulk of the spending is earmarked for Economic Affairs (1.372 trillion Naira), which includes transportation, power, and commerce. Significant allocations were also proposed for Health (338.4 billion Naira) and Education (249.1 billion Naira).
The State House of Assembly, led by Speaker Mudashiru Obasa, has received the document and is expected to commence meticulous scrutiny and deliberation to ensure the budget aligns with the aspirations of Lagosians.
