Lagos State Governor, Babajide Sanwo-Olu, on Tuesday presented the 2026 Budget Estimates to the Lagos State House of Assembly, describing it as a landmark financial plan and the final full-year budget of his administration.
Tagged the “Budget of Shared Prosperity,” the ₦4.237 trillion proposal is built on the State’s evolved THEMES+ agenda and aims to deepen access to essential services, strengthen key systems, and accelerate infrastructural growth across Lagos.
Sanwo-Olu said the budget is supported by a projected revenue of ₦3.994 trillion, leaving a financing gap of ₦243.33 billion, which he assured will be responsibly managed.
Key Allocations
1. Human-Centred Development
The governor emphasized investments in people through education, healthcare, and social welfare.
- Education: ₦249.13bn
- Health: ₦338.45bn
- Social Protection: ₦70.02bn
2. Modern, Integrated Infrastructure
A major portion of the budget focuses on connecting and expanding transport networks—roads, rail, waterways—as well as power and digital systems.
- Economic Affairs (transport, works, infrastructure): ₦1.372tn
3. Thriving, Competitive Economy
Support for MSMEs, startups, tourism, agribusiness, manufacturing, and the creative sector also features prominently.
- Environment: ₦235.96bn
- Recreation: ₦54.68bn
4. Effective Governance
The State plans to strengthen its fiscal systems, deepen e-governance, enhance public safety, and build a more responsive public service.
- General Public Services: ₦847.47bn
- Public Order and Safety: ₦147.04bn
Capital vs Recurrent Expenditure
Out of the total budget size, ₦2.185 trillion is earmarked for capital projects, while ₦2.052 trillion will fund recurrent expenditure, including personnel costs, overheads, and other obligations.
Sanwo-Olu said the 2026 financial plan builds on the progress achieved in 2025 across education, healthcare, transportation, housing, technology, environment, and public safety.
Reaffirming his commitment as the administration enters its final full year, the governor pledged to keep Lagos secure, functional, and prosperous.
He expressed gratitude to the State House of Assembly, civil servants, the party leadership, and the people of Lagos, saying their support and expectations continue to guide his government’s actions.
“Together, we will continue building a Lagos that is safer, cleaner, more prosperous, and more inclusive than ever before,” he said.
