By Bilkis Abdulraheem Lawal
Lagos State Governor, Babajide Sanwo-Olu, has presented a ₦4.2 trillion Appropriation Bill for the 2026 fiscal year to the State House of Assembly, describing it as a budget designed to deepen development and shared prosperity across Africa’s largest city.
The proposal tagged the “Budget of Shared Prosperity”, is the last full-year budget of the Sanwo-Olu administration.
A breakdown of the proposal shows ₦2.1 trillion earmarked for capital projects and over ₦2 trillion allocated to recurrent expenditure. The budget carries a deficit of ₦243 billion, which the government plans to finance through a mix of internal and external funding sources.
Governor Sanwo-Olu said the spending plan is aimed at sustaining the state’s growth trajectory and strengthening reforms across key sectors. He noted that the budget is anchored on four strategic pillars:
A human-centred development approach, Modern and resilient infrastructure, A thriving and inclusive economy, and Good governance.
The Governor also explained that Lagos expects ₦3.9 trillion in total revenue for the year, drawn from internally generated revenue and federal allocations.
Addressing lawmakers, he emphasised that the budget reflects the priorities of a rapidly expanding state and is intended to deliver broad-based prosperity for residents.
Meanwhile, the speaker of Lagos State Assembly, Chief Mudashiru Obasa, urged Governor Babajide Sanwo-Olu to ensure that the 2026 budget of Shared Prosperity, match the aspirations of Lagosians.
Chief Obasa said the execution of this year’s budget estimates has been promising in the areas of health, education, transport and security.
He noted that the economic strength of Lagos rests on unity, thoughtful planning and inclusive policies.
While commending the Chairmen of Local Governments and Council Development Areas for being engines of grassroots development, the speaker stressed that the assembly will not hesitate to probe those found wanting.
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