By Kayode Olopade
Lagos State Government has explained the rationale behind its massive ₦4.444 trillion 2026 “Budget of Shared Prosperity,” saying huge allocations to power, transportation, housing and other infrastructure projects are aimed at sustaining economic growth, reducing business costs and improving living conditions across the state.
The state's Commissioner for Economic Planning and Budget, Ope George, disclosed this during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
George said the budget, signed into law by Governor Babajide Olusola Sanwo-Olu, was deliberately structured to strengthen infrastructure sustainability, deepen economic diversification and position Lagos as a globally competitive economy.
According to him, the budget consists of ₦2.338 trillion capital expenditure and ₦2.106 trillion recurrent expenditure, reflecting a 53:47 capital-to-recurrent ratio designed to prioritise development projects capable of stimulating economic activities and improving residents’ quality of life.
The commissioner disclosed that ₦1.467 trillion was earmarked for critical infrastructure projects across transportation, healthcare, education and public works sectors.
He explained that major road projects such as the Opebi-Mende Link Bridge and the Eti-Osa/Lekki/Epe Expressway Phase IIB were conceived to address chronic traffic congestion, improve connectivity and unlock investment opportunities along key economic corridors.
George noted that the Opebi-Mende Link Bridge would provide an alternative route linking Mende and Maryland to Ikeja’s commercial districts, thereby easing pressure on traffic bottlenecks including Kudirat Abiola Way and Mobolaji Bank Anthony Way.
He added that the project would also encourage property appreciation, commercial expansion, logistics efficiency and urban renewal within the axis.
On energy development, the commissioner disclosed that the state allocated ₦112 billion to power and energy infrastructure to reduce operational downtime for businesses, improve productivity and enhance the competitiveness of the Lagos economy.
He stressed that reliable power supply remains critical to attracting investments, supporting industrial growth and reducing the cost of doing business in the state.
George also revealed that ₦87 billion was set aside for food security initiatives, including the Lagos Wholesale Produce Hub, as part of efforts to stabilise food supply chains and strengthen agricultural logistics.
In the tourism sector, he said ₦35 billion was earmarked for infrastructure projects such as the Badagry Point of No Return and the Lagos Heritage Centre to boost tourism potential and expand non-oil revenue generation.
The commissioner further stated that institutional reforms remained central to the 2026 fiscal plan, with ₦33 billion allocated to technology and digital transformation initiatives aimed at automating government processes, improving internally generated revenue and enhancing ease of doing business through efficient service delivery.
On housing delivery, George disclosed that the government was prioritising the completion of several housing projects targeted at low- and middle-income earners.
The projects include the 504-unit LAGOSHOMS Sangotedo Phase II, Epe Housing Scheme, Ibeshe Phase II, Late Abdul-Wahab Oke Benson Estate, LAGOSHOMS Ajara-Badagry and the Egan Mixed Housing Scheme.
He said the projects were expected to reduce the housing deficit and expand access to affordable housing across the state.
Highlighting achievements in the education sector, George said the Lagos Education Access Fund under the Education Outcomes Fund had moved into active implementation with a target of impacting more than 200,000 children within three years.
He described the programme as a performance-based education financing initiative supported by international partners including the Children's Investment Fund Foundation, UBS Optimus Foundation and the Japanese Ministry of Foreign Affairs.
On fiscal performance, the commissioner disclosed that Lagos recorded an 84 per cent budget performance in the 2025 fiscal year and projected between 60 and 70 per cent performance in the first quarter of 2026.
He reaffirmed the ministry’s commitment to prudent fiscal management and people-oriented policies capable of strengthening economic resilience and sustaining Lagos’ growth trajectory.
No comments:
Post a Comment