Sanwo-Olu presents N4.237 trillion 2026 budget focused on shared prosperity, infrastructure

Sanwo-Olu presents N4.237 trillion 2026 budget focused on shared prosperity, infrastructure

Lagos – Governor Babajide Sanwo-Olu yesterday presented a N4.237 trillion budget proposal for the 2026 fiscal year to the Lagos State House of Assembly, marking a significant increase of over N1 trillion from the N3.005 trillion 2025 budget.

Tagged the “Budget of Shared Prosperity,” the proposal outlines a total revenue of N3.993 trillion, including internally generated revenue (IGR) of N3.119 trillion and federal transfers of N874 billion, with a projected deficit financing of N243.332 billion. The budget earmarks N2.185 trillion for capital expenditure and N2.055 trillion for recurrent expenditure, covering overheads, personnel, and debt servicing.

Governor Sanwo-Olu said the budget is anchored on four strategic pillars: a human-centred approach, modern infrastructure, a thriving economy, and effective governance. He noted that Lagos has consolidated its position as Africa’s second-largest city economy, after Cairo, attributing this to the consistency, innovation, and resilience of residents.

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Highlighting recent milestones, the governor cited Lagos’ hosting of Africa’s first E1 Electric Powerboat Grand Prix, securing rights for the 2026 Creative Africa Nexus, and the 2027 Intra-African Trade Fair. He also noted progress across education, healthcare, social protection, transport, housing, environmental management, agriculture, and technology, including the completion of over 250 educational infrastructure projects and expansion of healthcare facilities.

“We are shifting from building infrastructure to integrating it. Plans will focus on interlinking roads, rail, waterways, power systems, and digital networks into a single functional mobility ecosystem,” Sanwo-Olu stated.

Speaker Mudashiru Obasa assured lawmakers would scrutinize the budget carefully before passage, emphasizing that it aligns with Lagos’ growth ambitions and strengthens sectors such as healthcare, education, transportation, security, and governance. He commended the governor for sustaining infrastructure development despite economic challenges.

Sanwo-Olu presents N4.237 trillion 2026 budget focused on shared prosperity, infrastructure