Lagos State Governor Babajide Sanwo-Olu on Tuesday submitted to the Lagos State House of Assembly a N4.237 trillion Appropriation Bill for the 2026 fiscal year, stressing that it as an ambitious, future-driven financial plan aimed at solidifying his administration’s legacy in its final full year.
The Governor, while Presenting the proposal, titled, “Budget of Shared Prosperity,” said it reflects the collective optimism that Lagos will continue to expand opportunities, strengthen its leadership role and reinforce its status as Africa’s foremost megacity.
He disclosed that the budget projects total revenue of N3,993,774,552,141, comprising N3.12 trillion in Internally Generated Revenue and N874 billion in expected Federal Transfers. The funding structure, he noted, leaves a deficit financing requirement of N243,332,457,167.
For the 2026 fiscal year, capital expenditure is set at N2,185,085,419,495, while recurrent expenditure stands at N2,052,021,589,812. He explained that the recurrent component covers overheads, personnel costs, and debt obligations.
A breakdown of recurrent spending shows total overhead costs of N1,084,245,843,091, including general overheads, subventions and dedicated expenditures, while personnel costs amount to N440,494,339,384. Recurrent debt charges are projected at ₦143,876,701,943, with debt repayments estimated at N383,404,705,394.
Sanwo-Olu also outlined the sectoral distribution of the 2026 budget. General Public Services will receive N847,472,071,966; Public Order and Safety, N147,040,088,897; and Economic Affairs, N1,372,307,808,626. The Environment Ministry is allocated N235,957,235,138, while Housing receives N123,760,310,429.
The Health sector is earmarked N338,449,258,945; Education gets N249,132,921,287; Social Protection, N70,024,171,038; and the Recreation and Culture sector will take N54,682,339,586.
The governor said the year 2026 carries special weight as the last full calendar year of his administration, describing it as a period crucial for consolidating achievements and ensuring a “strong, successful finish.”
He reaffirmed his commitment to completing all ongoing and newly initiated projects, adding that his administration will continue to prioritise citizen engagement to ensure government decisions reflect the needs of Lagosians.
According to him, Lagos is entering a new phase of “accelerated impact,” driven by sustained investment in infrastructure, human capital, social welfare and governance systems that are “intentional, inclusive and future-oriented.”
Sanwo-Olu reiterated his administration’s core mission: “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 consistent partnership, describing the lawmakers as steadfast allies in the state’s development journey. He also praised the civil service for its hard work in translating government vision into measurable progress.
