Sanwo-Olu presents N4.2trn ‘Budget of shared prosperity’ for 2026
Governor Babajide Sanwo-Olu has presented a total budget estimate of N4.2 trillion for the 2026 fiscal year to the Lagos State House of Assembly, describing it as “the Budget of Shared Prosperity.”
Sanwo-Olu laid the proposal before lawmakers on Tuesday, saying the spending plan is designed to deepen human development, expand infrastructure, and strengthen economic growth across the state.
According to the breakdown, capital expenditure is projected at N2.2 trillion (52 percent of the budget), while recurrent spending accounts for N2 trillion (48 percent).
Sectoral Allocations
The largest share of the budget — N1.47 trillion — is allocated to economic affairs, including infrastructure delivery, agriculture, transportation, and other growth-driven sectors.
Other key allocations include: Health: N338 billion, Education: N249 billion, Environment: N235 billion, Public Order and Safety: N147 billion, Housing: N123 billion, Social Protection: N70 billion and Recreation and Culture: N54 billion.
Sanwo-Olu said the 2026 proposal builds on the state’s performance in the current fiscal cycle. As of September 30, 2025, Lagos had achieved 81 percent budget performance, driven by what he described as improved revenue generation and better project execution.
The governor said the 2026 spending plan is anchored on four strategic pillars aligned with the state’s T.H.E.M.E.S+ Agenda and the Parastatal Monitoring Framework: Human-Centric City, Modern Infrastructure, Thriving Economy and Effective Governance
Sanwo-Olu said the new budget focuses on expanding opportunities for residents, improving the quality of life, and consolidating Lagos’ position as Nigeria’s economic hub. The House of Assembly is expected to begin its review of the estimates before passage into law.
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