BENJAMIN OMOIKE
LAGOS, Nigeria – Lagos State Governor, Babajide Sanwo-Olu, on Tuesday presented the ₦4.237 trillion Appropriation Bill for the 2026 fiscal year to the Lagos State House of Assembly, declaring that his administration is determined to “finish strong” as it enters its final full year in office.
Speaking during a special presentation at the Assembly Chamber in Alausa, Ikeja, the Governor described the 2026 fiscal plan as a bold, people-centred blueprint designed to consolidate ongoing projects, accelerate service delivery, and ensure inclusive development across all communities in the state.
“This budget widens access to opportunity and ensures development is felt across all communities,” he said. “Our resolve is firm: we will keep Lagos working, keep Lagos growing, and we will finish strong.”
Sanwo-Olu said the budget—tagged “Budget of Shared Prosperity”—rests on four pillars: human development, modern infrastructure, a thriving economy, and good governance, adding that Lagos has reached a decisive stage in its development journey, requiring discipline, innovation, and intensified execution to sustain its status as Nigeria’s economic nerve centre.
Budget Breakdown
The Governor announced a projected revenue of ₦3.993 trillion, comprising ₦3.119 trillion in Internally Generated Revenue (IGR) and ₦874 billion in federal transfers. This leaves a budget deficit of ₦243.3 billion, which he described as “modest and carefully managed” to maintain fiscal stability.
A breakdown of the proposed spending includes:
Capital Expenditure: ₦2,185,085,419,495
Recurrent Expenditure: ₦2,052,021,589,812
Recurrent Debt Charges: ₦143,876,701,943
Debt Repayments: ₦383,404,705,394
Sanwo-Olu noted that the spending plan covers overheads, subventions, personnel costs, debt servicing, and major capital projects cutting across transportation, housing, education, health, technology, and environmental management.
Sectoral Allocations
The Governor also unveiled a detailed sectoral breakdown as follows:
General Public Services: ₦847,472,071,966
Public Order & Safety: ₦147,040,088,897
Economic Affairs: ₦1,372,307,808,626
Environment: ₦235,957,235,138
Housing: ₦123,760,310,429
Health: ₦338,449,258,945
Recreation, Culture & Religion: ₦54,682,339,586
Education: ₦249,132,921,287
Social Protection: ₦70,024,171,038
He stated that these allocations would strengthen economic development, improve public services, expand social protection, and support the state’s long-term infrastructure agenda.
2025 Budget Performance
Before presenting the new proposal, the Governor reviewed the performance of the 2025 budget. He disclosed that as at September 30, the state had implemented ₦2.056 trillion, representing 81% of the prorated estimate. Capital expenditure recorded 90% performance, while recurrent expenditure stood at 84%.
He described this as evidence of Lagos’ disciplined fiscal management and commitment to delivering on its promises.
‘A Defining Year’
Sanwo-Olu said the 2026 fiscal year would be a defining period for completing major projects, deepening reforms, and entrenching a legacy that future administrations can build on.
“This budget reaffirms our determination to build a Lagos that rises as a model for inclusive growth and resilience,” he said. “We owe Lagosians a strong finish. Their expectations remain our greatest motivation.”
The Governor expressed appreciation to the Lagos State House of Assembly for its cooperation and oversight, noting that progress under his administration was made possible by strong collaboration.
He urged lawmakers to give the budget timely consideration, pledging continued engagement with stakeholders as his government pushes toward achieving its final full-year targets.
