Governor Babajide Sanwo-Olu of Lagos State has presented the 2026 budget estimates of N4.2 trillion to the Lagos State House of Assembly.
Christened “The Budget of Shared Prosperity”, the estimate was presented to the lawmakers on Tuesday.
The N4.2 trillion budget estimate is made up of N2.2 trillion, representing 52% for capital projects and N2 trillion, representing 48% for recurrent expenditure.
Further breakdown of the budget estimate showed that N249 billion was allocated to education, health, N338billion, environment, N235billiin and economic affairs, N1.47 trillion (infrastructure, agric etc ).
The sectoral allocations also showed that N123 billion is allocated to housing, public order and safety, N147billion, social protection, N70 billion and recreation , N54 billion.
Sanwo-olu had before unveiling the 2026 budget estimate reviewed the 2025 budget , putting its achievement at 81 % as at September 30th 2025.
He stated that the 2026 Budget of Shared Prosperity will be anchored on four strategic pillars, aligned with the evolved T.H.E.M.E.S+ Agenda and the Parastatal Monitoring Framework.
Sanwo-olu listed the four strategic pillars as healthcare, education, transportation, security, and good governance.
Responding, Speaker of the Lagos State House of Assembly, Rt. Hon. Dr. Mudashiru Ajayi Obasa has described the 2026 Appropriation Bill as fundamental to sustaining Lagos’ position as Africa’s leading economic hub.
While appreciating the governor and his team for ‘crafting a comprehensive budget that aligns with Lagos’ aspirations for growth and development’, the Speaker also extolled him for his astuteness, courage, forthrightness, and determined spirit toward a greater Lagos
“You (Governor Sanwo-Olu) have maintained a track record of resourceful consistency, steering our state through economic challenges while driving infrastructure development.
“Not quite long ago, you brought E1 Racing Championship to Lagos, thereby making Lagos the first African City to host such a tournament,” Obasa said.
Speaker Obasa also acknowledged the Assembly’s role in supporting the executive’s initiatives by enacting laws that enhance the quality of life of residents, particularly in the areas of socio-economic growth, local government reform, and institutional development.
He cited the approval of a N125 billion bond and the Smart Solar All-in-One Streetlight Project as one such collaboration between the legislature and the executive that continues to set the state apart.
