Lagos State Governor Babajide Sanwo-Olu on Tuesday presented a ₦4.237 trillion Appropriation Bill for the 2026 fiscal year to the Lagos State House of Assembly, describing it as a strategic and forward-looking blueprint designed to consolidate his administration’s legacy in its final full year.
Tagged the “Budget of Shared Prosperity,” the proposal, according to the governor, reflects confidence in Lagos’ continued growth, expanding economic opportunities, and strengthening its standing as Africa’s leading megacity.
Sanwo-Olu announced that the state expects a total revenue of ₦3.99 trillion, consisting of ₦3.12 trillion in Internally Generated Revenue (IGR) and ₦874 billion from federal allocations. This leaves a projected financing deficit of ₦243.3 billion.
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For 2026, capital expenditure is projected at ₦2.18 trillion, representing slightly higher outlay than the ₦2.05 trillion earmarked for recurrent expenditure, which covers personnel costs, overheads, and debt servicing.
A breakdown of recurrent spending shows:
- Overheads: ₦1.08 trillion
- Personnel costs: ₦440.49 billion
- Recurrent debt charges: ₦143.87 billion
- Debt repayment: ₦383.40 billion
Sanwo-Olu also outlined sectoral allocations as follows:
- General Public Services: ₦847.47 billion
- Public Order and Safety: ₦147.04 billion
- Economic Affairs: ₦1.37 trillion
- Environment: ₦235.96 billion
- Housing: ₦123.76 billion
- Health: ₦338.45 billion
- Education: ₦249.13 billion
- Social Protection: ₦70.02 billion
- Arts, Culture and Recreation: ₦54.68 billion
The governor said the 2026 fiscal year carries unique significance as the final full year of his tenure, calling it a moment for “firm consolidation and a strong finish.”
He reaffirmed his administration’s commitment to completing ongoing projects and deepening citizen engagement to ensure government actions reflect the needs of residents.
“Our mission remains clear: to keep Lagos secure, to keep Lagos working, to keep Lagos growing, and to make sure the prosperity we build is shared by everyone who calls this Centre of Excellence home,” he said.
Sanwo-Olu thanked the State Assembly for what he described as sustained legislative cooperation, and commended the civil service for translating his administration’s agenda into measurable progress.
