Lagos State Governor, Babajide Sanwo-Olu, don present N4.237 trillion budget proposal for 2026 to the Lagos State House of Assembly for consideration and possible approval.
Di budget wey dem call “Budget of Shared Prosperity” show over N1 trillion increase from di N3.005 trillion budget wey dem get for 2025.
Sanwo-Olu talk say, “Dis budget na total size of N4.237 trillion. E get total revenue of N3.993 trillion, with only deficit financing of N243.332 billion. Di total revenue include internally generated revenue of N3.119 trillion and federal transfers of N874 billion.”
Di governor propose capital expenditure of N2.185 trillion and recurrent expenditure of N2.055 trillion, wey go cover overheads, staff salary and debt servicing.
He talk say di budget dey based on four pillars: human-centred approach, modern infrastructure, thriving economy, and effective governance.
Sanwo-Olu yan say Lagos don consolidate im status as Africa’s second-largest city economy after Cairo, and e attribute di achievement to consistency, innovation, and resilience of di residents.
He also highlight some milestones wey Lagos don achieve, including hosting Africa’s first E1 Electric Powerboat Grand Prix, securing hosting rights for 2026 Creative Africa Nexus, and the 2027 Intra-African Trade Fair.
Di governor add say Lagos progress plenty for 2025 for education, healthcare, social protection, transport, housing, environment, agriculture and technology. E talk say dem don complete over 250 school infrastructure projects, expand healthcare facilities, and strengthen social register.
“We dey shift from just building infrastructure to integrating am. We need to link roads, rail, waterways, power systems and digital networks into one functional mobility system,” Sanwo-Olu yan.
Di Speaker, Mudashiru Obasa, promise say dem go scrutinise di budget well before dem pass am. Obasa talk say di proposal dey align with Lagos growth plans and show government commitment to healthcare, education, transport, security and governance.
E also commend Sanwo-Olu for consistent leadership, even as dem dey manage economic challenges while still dey push infrastructure development.
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