Governor Babajide Sanwo-Olu presented Lagos’s 2026 budget proposal, a proposed allocation of ₦4.237 trillion, dubbed the “Shared Prosperity Budget.” The budget aims to consolidate his administration’s legacy and improve service delivery across the state.
According to the proposal, projected revenues amount to approximately ₦3.994 trillion, derived from internally generated income and statutory allocations. This leaves a deficit of approximately ₦243.3 billion, which will be financed through approved borrowing and financing strategies.
Capital expenditures are set at approximately ₦2.185 trillion, while recurring expenditures (encompassing overhead, personnel costs, and debt service) amount to around ₦2.052 trillion.
A breakdown of sectoral allocations shows that Economic Affairs receives the largest share, with ₦1.372 trillion earmarked for infrastructure and economic expansion. The Health sector has an allocation of ₦338.4 billion, while Education receives ₦249.1 billion to boost access, quality, and learning outcomes.
Other key areas include Environment, Housing, Public Safety, Recreation, and Social Protection, all aimed at improving living conditions and expanding social services in Lagos.
Sanwo-Olu described 2026 as a significant year—her last full year in office—and called for public and legislative support to drive the necessary implementations for sustainable growth. She emphasized that the budget’s success depends on the joint effort of the government and the citizens.
The Lagos 2026 budget now awaits consideration and approval by the Lagos State Legislative Assembly.
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