Lagos State Governor, Babajide Olusola Sanwo-Olu, on Tuesday presented the 2026 Appropriation Bill to the State House of Assembly, proposing a record N4.237 trillion expenditure.
Gatekeepers News reports that tagged the “Budget of Shared Prosperity,” the proposal represents the administration’s final full-year budget and is designed to consolidate legacy projects while ensuring economic gains translate into broad-based benefits for residents.
Presenting the budget, the Governor said it is anchored on four strategic pillars: “A Human-Centred Approach, Modern Infrastructure, A Thriving Economy, and Effective Governance,” in line with the refined T.H.E.M.E.S+ agenda.
The 2026 proposal marks a significant leap from the N2.525 trillion prorated estimate of the 2025 budget, reflecting the administration’s aggressive development posture.
Breakdown of the 2026 Budget
The Governor outlined the major components of the N4.237 trillion plan as follows:
- Total Budget Size: N4,237,107,009,308
- Total Revenue Target: N3,993,774,552,141
- Internally Generated Revenue (IGR): N3,119,774,552,141
- Federal Transfers: N874,000,000,000
- Deficit Financing: N243,332,457,167
Sanwo-Olu emphasised that the budget maintains Lagos’ investment-driven approach, with capital spending remaining higher than recurrent expenditure:
- Capital Expenditure: N2,185,085,419,495
- Recurrent Expenditure: N2,052,021,589,812
He said the proposal signals a shift “from growth for some to growth for all,” designed to expand access to opportunity, strengthen social support systems, and accelerate infrastructure delivery statewide.
Sectoral Priorities
The Governor noted that Economic Affairs retains the largest single allocation, underscoring efforts to integrate roads, rail lines, waterways, and digital networks into one cohesive transport and infrastructure ecosystem.
He highlighted notable progress, including the signing of the MoU for the Green Line Rail, which will run from Marina to Lekki/Ajah.
2025 Budget Performance
Reviewing the 2025 Budget of Sustainability, Sanwo-Olu said Lagos achieved an 81% implementation rate as of September 30, 2025.
- Total Implemented: N2,056,777,671,591
- Capital Performance: 90% (N1.238 trillion)
- Recurrent Performance: 84% (N818.5 billion)
He cited several key milestones in 2025, including:
- Completion of the Badagry Maternal and Childcare Centre
- Over 250 educational infrastructure projects delivered
- Launch of the ₦500 billion Lagos Uptake Guarantee Fund, the largest subnational food-systems intervention in Nigeria’s history, aimed at transforming agriculture and easing food pressure
Assembly Commends Fiscal Discipline
Speaker of the Lagos State House of Assembly, Dr. Mudashiru Ajayi Obasa, praised Sanwo-Olu’s “consistent track record and resourcefulness.”
He noted that the Assembly’s approval of a ₦125 billion bond in 2025, oversubscribed by 170%, underscored investor confidence driven by fiscal discipline and transparency.
Obasa also commended the establishment of the Lagos State School of Health Science and Medicine, describing it as a strategic response to the ongoing ‘japa’ syndrome and the need to retain healthcare professionals.
