Sanwo-Olu Presents ₦4.23trn ‘Budget of Shared Prosperity’ for 2026

 

By Kayode Olopade 

Lagos State Governor, Babajide Sanwo-Olu, on Tuesday presented a ₦4.237 trillion Appropriation Bill to the Lagos State House of Assembly, describing the proposal as a bold and forward-looking financial plan aimed at consolidating the achievements of his administration in its final full year.

Tagged the “Budget of Shared Prosperity,” the 2026 proposal, according to the governor, reflects his government’s determination to sustain Lagos’ growth trajectory while deepening investments in infrastructure, human capital and social systems.

“The Year 2026 Appropriation Bill is a reaffirmation of our collective belief that Lagos can continue to rise, continue to lead, and continue to create opportunities for every resident of Africa’s preferred megacity,” Sanwo-Olu told lawmakers during the presentation at the Assembly Complex in Alausa

The Governor disclosed that the total revenue estimate for 2026 stands at ₦3.99 trillion, comprising ₦3.12 trillion in Internally Generated Revenue (IGR) and ₦874 billion in Federal Transfers. This leaves a deficit financing requirement of ₦243.33 billion.

The proposed expenditure structure allocates ₦2.185 trillion to capital projects and ₦2.052 trillion to recurrent spending. The recurrent component includes:

₦1.084 trillion for overheads

₦440.49 billion for personnel costs

₦143.88 billion for recurrent debt charges

₦383.40 billion for debt repayments

Sanwo-Olu noted that these allocations were designed to stabilise government operations while supporting major projects across the state.

Key sectors of the economy received substantial provisions in the budget, reflecting The Nation administration’s priorities. The sectoral breakdown includes:

General Public Services: ₦847.47 billion

Public Order and Safety: ₦147.04 billion

Economic Affairs: ₦1.372 trillion

Environment: ₦235.96 billion

Housing: ₦123.76 billion

Health: ₦338.45 billion

Recreation, Culture & Religion: ₦54.68 billion

Education: ₦249.13 billion

Social Protection: ₦70.02 billio

Sanwo-Olu reminded the Assembly that 2026 marks his administration’s last full calendar year, describing it as a “pivotal moment” for delivering a strong finish.

“This period is pivotal for consolidating our legacy and ensuring a strong, successful finish,” he said, adding that his administration is committed to completing all ongoing and newly initiated projects.

The governor emphasised that Lagos is transitioning into a phase of “accelerated impact,” driven by deliberate, inclusive and future-focused investments.

“Our objectives remain clear: to keep Lagos secure, to keep Lagos working, to keep Lagos growing, and to ensure that this growth and prosperity are shared by all who call this hub of excellence home,” he said.

Sanwo-Olu praised the Lagos State House of Assembly for its consistent partnership and oversight, noting that the legislative arm has been “dependable at every step of this journey.”

He also commended the state’s civil service for what he described as “diligent and transformational work,” saying their commitment is central to achieving the government’s promises.

The Appropriation Bill now awaits consideration and passage by the Lagos State House of Assembly.