Budget: Sanwo-Olu presents ₦4.23trn for 2026
Governor of Lagos State, Babajide Sanwo-Olu
Governor Babajide Sanwo-Olu on Tuesday presented a ₦4.237 trillion Appropriation Bill for the 2026 fiscal year to the Lagos State House of Assembly for approval.
He described it as a bold and forward-looking financial plan designed to consolidate his administration’s legacy in its final full year.
Unveiling the proposal, Sanwo-Olu said: “The Year 2026 Appropriation Bill, “Budget of Shared Prosperity,” is a reaffirmation of our collective belief that Lagos can continue to rise, continue to lead, and continue to create opportunities for every resident of Africa’s preferred megacity.”
According to the governor, the budget has a total revenue estimate of ₦3,993,774,552,141, supported by Internally Generated Revenue of ₦3,119,774,552,141 and Federal Transfers of ₦874 billion.
He explained that this revenue projection leaves a deficit financing requirement of ₦243,332,457,167.
Sanwo-Olu told lawmakers that capital expenditure for the year is proposed at ₦2,185,085,419,495, while recurrent expenditure is estimated at ₦2,052,021,589,812.
He noted that the recurrent component includes overheads, personnel costs and debt obligations.
He said the total overhead cost stands at ₦1,084,245,843,091, a figure which incorporates general overheads, subventions and dedicated expenditure, adding that Personnel costs amount to ₦440,494,339,384, recurrent debt charges stand at ₦143,876,701,943, and debt repayments total ₦383,404,705,394.
The governor also announced the sectoral allocations for 2026, stating that General Public Services will receive ₦847,472,071,966, while Public Order and Safety takes ₦147,040,088,897. The government has earmarked ₦1,372,307,808,626 for Economic Affairs, ₦235,957,235,138 for the Environment, and ₦123,760,310,429 for Housing.
The Health sector receives ₦338,449,258,945, Recreation gets ₦54,682,339,586, Education receives ₦249,132,921,287, and Social Protection is allocated ₦70,024,171,038.
Sanwo-Olu stressed that 2026 holds special significance as the last full year of his administration.
“This period is pivotal for consolidating our legacy and ensuring a strong, successful finish,” he said.
He added that his government remains determined to complete all ongoing and initiated projects and will continue engaging Lagosians to ensure that their priorities shape government decisions.
The governor noted that Lagos is now “moving into a phase of accelerated impact,” adding that the state’s investments in infrastructure, human capital, social systems and governance are “deliberate, inclusive, future-focused, and prosperity-driven.”
Sanwo-Olu reaffirmed his administration’s objectives, stating: “To keep Lagos secure, to keep Lagos working, to keep Lagos growing, and to ensure that this growth and prosperity are shared by all who call this hub of excellence home.”
He praised the Lagos State House of Assembly, describing the lawmakers as “a dependable partner on every step of this journey,” and expressed gratitude for their cooperation and oversight.
He also commended the Lagos civil service for the “diligent work they do daily, translating lofty goals into transformational results.”
