Sanwo-Olu presents N4.24trn 2026 budget to Lagos Assembly

Lagos State Governor Babajide Sanwo-Olu has presented a N4.24 trillion budget proposal for 2026 to the Lagos State House of Assembly, describing it as a transformative plan for inclusive growth.

Sanwo-Olu, on Tuesday, November 25, 2025, said the budget would build on the foundations laid by the 2025 Budget of Sustainability and advance the state’s long-term development trajectory.

He tagged the 2026 budget ‘The Budget of Shared Prosperity’.

The proposed fiscal plan projects total revenue of N3,993,774,552,141, made up of N3,119,774,552,141 in Internally Generated Revenue and N874 billion from Federal Transfers.

The state expects to fund the remaining N243,332,457,167 through deficit financing.

Sanwo-Olu announced N2,185,085,419,495 for capital expenditure, while recurrent expenditure is set at N2,052,021,589,812.

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The governor said: “This budget reflects our unwavering commitment to eradicate poverty, expanding opportunities and building a Lagos that works for everyone.

“Our vision remains clear: shared prosperity should not be an aspiration but a lived reality.”

Sanwo-Olu stated that the spending plan would be anchored on four pillars — a human-centred approach, modern infrastructure, thriving economy, and effective governance.

Sanwo-Olu commended the Assembly for cooperation, saying its partnership had supported steady progress of Lagos from stability to reform and expansion and then shared prosperity.

“This budget strengthens our mission to build a Lagos that works for everyone,” he added.

The Lagos State Government recently announced 80 per cent performance in the implementation of its 2025 budget of N3.366 trillion.

The Speaker, Mudashiru Obasa, commended the governor for good governance, saying the Assembly would give the budget proposal accelerated consideration.

The Star