The Lagos State Governor, Babajide Sanwo-Olu, has presented a proposed budget of N4.237 trillion for the year 2026 to the State House of Assembly for consideration.
The proposed 2026 budget, called the ‘Budget of Shared Prosperity,’ has a total revenue of N3.994 trillion, with an additional N243.3 billion from deficit financing.
Total revenue includes internally generated revenue of N3.12 trillion and federal transfers of N874 billion.
Of the proposed budget, capital expenditure is set at N2.185 trillion, while recurrent expenditure is N2.052 trillion, covering overheads, personnel costs, and debt servicing.
Key allocations under recurrent expenditure include overhead costs of N1.084 trillion, personnel costs of N440.5 billion, and debt servicing of N527.3 billion.
The budget allocates N1.372 trillion to Economic Affairs, N847 billion to General Public Services, N338.4 billion to Health, N249.1 billion to Education, and N236 billion to the Environment.
Social protection and recreation are allocated N70 billion and N54.7 billion respectively, while Housing receives N123.8 billion.
Sanwo-Olu, during the presentation on Tuesday, described the 2026 budget as a roadmap for continued growth and shared prosperity, emphasizing that the final full year of the administration will focus on consolidating achievements and completing ongoing projects.
The governor thanked the Lagos State House of Assembly for their support and oversight, the civil service for their execution of policies, and the Lagos All Progressive Congress for providing a platform to serve.
He also lauded Lagosians, describing them as the “true engine” of the state, whose aspirations and resilience continue to guide governance and policy decisions.
Sanwo-Olu, meanwhile, reaffirmed the government’s commitment to security, employment, economic growth, and inclusive development.
