Sanwo-Olu Presents N4.23tn 2026 Budget To Lagos Assembly

Governor Babajide Sanwo-Olu on Tuesday presented a N4.237 trillion Appropriation Bill to the Lagos State House of Assembly, describing the 2026 proposal as an ambitious, forward-looking financial plan designed to solidify his administration’s legacy in its final full year.

Tagged the “Budget of Shared Prosperity,” the governor said the proposal reflects growing optimism that Lagos will continue to expand opportunities, strengthen its leadership position, and sustain its reputation as Africa’s foremost megacity.

Sanwo-Olu announced that the budget projects N3.99 trillion in total revenue, made up of N3.12 trillion in Internally Generated Revenue and N874 billion expected from federal transfers. This leaves a deficit financing requirement of N243.3 billion.

For the 2026 fiscal year, capital expenditure is set at N2.185 trillion, while recurrent expenditure amounts to N2.052 trillion.

He explained that the recurrent component covers overheads, personnel costs and debt obligations.

A further breakdown shows:

• Overhead costs: N1.084 trillion
• Personnel costs: N440.49 billion
• Recurrent debt charges: N143.87 billion
• Debt repayment: N383.40 billion
• Sectoral Allocation: Economic Affairs Leads with N1.37tn

The governor also detailed the sectoral distribution of the budget.

Allocations include:

• General Public Services: N847.47 billion
• Public Order & Safety: N147.04 billion
• Economic Affairs: N1.372 trillion
• Environment: N235.95 billion
• Housing: N123.76 billion
• Health: N338.44 billion
• Education: N249.13 billion
• Social Protection: N70.02 billion
• Recreation & Culture: N54.68 billion

Sanwo-Olu noted that 2026 holds special significance, being the last complete year of his administration. He described the period as critical for consolidating achievements and ensuring a “strong, successful finish.”

He pledged to complete all ongoing and newly initiated projects and emphasised that citizen engagement will remain central to governance decisions.

According to him, Lagos is entering a phase of “accelerated impact,” driven by sustained investments in infrastructure, human capital development, social welfare, and future-oriented governance systems.

Reiterating the administration’s core mission, Sanwo-Olu said: “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 commended the Lagos State House of Assembly for its partnership and described the lawmakers as reliable allies in the state’s developmental trajectory. He also praised the civil service for its dedication to translating the government’s vision into measurable progress.

The Assembly is expected to begin deliberations on the Appropriation Bill in the coming days.