Sanwo-Olu Presents N4.2tn 2026 Proposed Budget To Lagos Assembly

Lagos State Governor, Mr Babajide Sanwo-Olu, on Tuesday, presented a proposed N4.237 trillion budget for the 2026 fiscal year to the state’s House of Assembly for consideration and approval.

Governor Sanwo-Olu stated that the new budget, titled “Budget of Shared Prosperity,” is designed as a roadmap for continuity, resilience, and shared prosperity for Lagos residents.

According to him, it is structured around five key pillars, comprising infrastructure sustainability, economic diversification, and institutional reforms.

The presentation was presided over by the Speaker of the House, Mudashiru Obasa, in the presence of the Deputy Governor, Dr Femi Hamzat, members of the executive council, lawmakers, and other dignitaries, which included members of the state executive council, local government officials, traditional rulers, and other guests.

Sanwo-Olu, who commenced his presentation of the budget at about 1.25 p.m., affirmed that “Our mission remains clear, to eradicate poverty and build a Lagos that works for all.”

The N4.2tn budget estimate represents a quantum leap in Lagos’ annual spending plan, reflecting growth of over N3tn in five years. The budget has a total revenue of N3.993 trillion and a deficit financing of N243.332 billion.

Additionally, the total Internally Generated Revenue stood at N3.119 trillion, and the total federal transfer was N874 billion.

It has a Capital Expenditure of N2.185 Trillion and Recurrent Expenditure of N2.052 Trillion, comprising total overhead, total personnel cost, and recurrent debt service.

The Recurrent Expenditure is broken down as follows:

Total Overhead Cost of N1.084 trillion, comprising Overhead of N698.890 billion.

‘’Subventions: N201.216bn, Dedicated Expenditure: N184.139bn, Personnel & Debt, comprising, Total Personnel Cost: N440.494bnRecurrent Debt Charges: N143.876bn and Debt Repayments, N383.404bn.

‘’Sectoral Allocation, General Public Services- N847.472bn, Public Order & Safety– N147.040bn, Economic Affairs – N1.372trn, Environment – N235.957bn, Housing – N123.760bn, Health – N338.449bn, Recreation – N54.682bn, Education – N249.132bn and Social Protection – N70.024bn.

Available statistics on the state’s Budget records showed that the state’s appropriation has risen from N1.1tn in 2021 to the N4.2tn now proposed for 2026 — an increase of N3.074tn 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 had surpassed the N3 Trillion mark with a budget of N3.366 Trillion, ahead of the latest proposal of N4.237 Trillion.

In his reaction, the Speaker of the State House of Assembly, Rt. Hon. Mudashiru Obasa stated that the collaboration with the Executive has been of tremendous help to the success of the Sanwo-Olu administration.

“Our commitment to citizen engagement remains steadfast. Through our annual Stakeholder Meetings, held simultaneously across all constituencies, we ensure that Lagosians have a voice. We believe governance works best when people are listened to, rather than just being talked at.

“Reflecting on the 2025 fiscal year, I can say with confidence that the current budget’s execution has been promising, especially in health, education, transport, and security.’’