- Safiu Kehinde
Lagos State Governor, Babajide Sanwo-Olu, has presented a N4.27 trillion budget for the year 2026 before the state’s House of Assembly.
Sanwo-Olu in his address while presenting the budget during the assembly’s plenary session on Tuesday explained that the budget is aimed at advancing e-governance, fiscal transparency, and citizen engagement,
According to him, the budget which was themed ‘Budget of Shared Prosperity’, will also see to the continuation of the administration’s approach toward a safer and more inclusive megacity.
Sanwo-Olu however noted that the security remains a top priority in the state’s fiscal planning for the year.
“It will advance automation of our fiscal system and will enhance transparency across our MDAs.
“Security and emergency readiness will remain top priority. It will be supported by strong coordination and investment.
“We will continue to strengthen citizens engagement to build trust, to ensure that Lagosians remain at the centre of governance.” He said.
Sanwo-Olu explained that the budget is anchored on four strategic pillars: a human-centered approach, modern infrastructure, a thriving economy, and good governance.
Meanwhile, the 2026 budget proposal has a revenue projection of N3.99 trillion and deficit financing of N243.33 billion.
Projected internally generated revenue stands at N3.12 trillion while federal allocation is projected at N874 billion.
The state’s proposed capital expenditure stands at N2.19 trillion and recurrent expenditure, N2.052 trillion, comprising overhead cost, personnel cost and recurrent debt servicing.
General public services got N847.47 billion, public order and safety – N147.040 billion, economic affairs – N1.372 trillion and environment N235.957 billion, while housing got N123.760 billion and health – N338.449 billion.
Recreation got N54.682 billion, education – N249.132 billion and social protection – N70.024 billion.
According to reports, the budget, if approved, would represent a major increase in Lagos’ annual spending plan, reflecting growth of over N3 trillion in five years.
Budget records show that the state’s appropriation has risen from N1.1 trillion in 2021 to the N4.237 trillion now proposed for 2026, an increase of N3.074 trillion under Sanwo-Olu’s administration.
The budget rose to N1.75 trillion in 2022, N1.76 trillion in 2023, and N2.26 trillion in 2024.
By 2025, Lagos surpassed the N3 trillion mark with a N3.366 trillion budget ahead of the latest proposal.