LAGOS Nigeria – The Commissioner for the Ministry of Economic Planning and Budget, Ope George, has said that the Year 2026 “Budget of Shared Prosperity” signed into law by Governor Babajide Olusola Sanwo-Olu is strategically structured to strengthen infrastructure sustainability, economic diversification, institutional reforms, and inclusive social development across Lagos State.
Speaking during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja, George disclosed that the ₦4.444 trillion budget comprises ₦2.338 trillion Capital Expenditure and ₦2.106 trillion Recurrent Expenditure, representing a 53:47 capital-to-recurrent ratio designed to accelerate economic growth and improve the quality of life of Lagos residents.
According to the Commissioner, a total of ₦1.467 trillion was earmarked for critical infrastructure projects across key sectors including transportation, healthcare, education, and public works, in line with the State Government’s infrastructure sustainability agenda. He explained that major projects such as the Opebi-Mende Link Bridge and the Eti-Osa/Lekki/Epe Expressway Phase IIB are expected to significantly reduce traffic congestion, improve connectivity, stimulate economic activities, and unlock investment opportunities across strategic economic corridors.
George stated that the Opebi-Mende Link Bridge will serve as a major alternative route linking residential communities such as Mende and Maryland to the commercial districts of Ikeja, thereby reducing pressure on major traffic bottlenecks including Kudirat Abiola Way and Mobolaji Bank Anthony Way. He added that the project is expected to drive property appreciation, commercial expansion, logistics efficiency, and urban renewal within the axis.
On housing delivery, the Commissioner revealed that the State Government is prioritising the completion of several housing schemes targeted at low- and middle-income residents, including the 504-unit LAGOSHOMS Sangotedo Phase II, Epe Housing Scheme, Ibeshe Phase II, Late Abdul-Wahab Oke Benson Estate, LAGOSHOMS Ajara-Badagry, and the Egan Mixed Housing Scheme. He noted that the projects are aimed at reducing the housing deficit and expanding access to affordable housing across the State.
Speaking on economic diversification, George disclosed that ₦87 billion was allocated to food security initiatives, including the Lagos Wholesale Produce Hub, while ₦35 billion was earmarked for tourism infrastructure projects such as the Badagry Point of No Return and the Lagos Heritage Centre. He added that ₦112 billion was also committed to energy and power development to reduce operational downtime, enhance productivity, and improve the competitiveness of the State economy.
The Commissioner further explained that institutional reforms remain a key pillar of the budget, with ₦33 billion allocated to technology and digital transformation initiatives aimed at automating government processes, improving revenue generation, and enhancing the Ease of Doing Business in Lagos State through faster and more efficient service delivery.
Highlighting achievements in the education sector, George said the Lagos Education Access Fund (LEAF), under the Education Outcomes Fund (EOF), has moved into active implementation with a target of impacting over 200,000 children within three years. He described the initiative as a performance-driven education financing model supported by international partners including CIFF, UBS Optimus Foundation, and the Japanese Ministry of Foreign Affairs to improve school enrollment and learning outcomes across Lagos State.
On budget performance, the Commissioner disclosed that the State recorded an 84 per cent budget performance in the 2025 fiscal year and projected a first quarter 2026 performance rate of between 60 and 70 per cent. He explained that the performance trend aligns with the fiscal cycle, where capital project implementation typically gains momentum after the first quarter following the initial settlement of recurrent obligations including personnel costs, pensions, debt servicing, and administrative commitments.
George reaffirmed the Ministry’s commitment to sustaining prudent fiscal management, strengthening economic resilience, and implementing people-centred policies that will continue to position Lagos as a smart, globally competitive, and economically prosperous State.
