Sanwo-Olu introduces N4.2 trillion budget to Lagos assembly

On Tuesday, Lagos State Governor Babajide Sanwo-Olu presented the Year 2026 Appropriation Bill, featuring a remarkable N4.2 trillion budget to the Lagos State House of Assembly. Titled “The Budget of Shared Prosperity,” the proposal aims to expedite infrastructure advancements, broaden welfare initiatives, and strengthen growth in key economic sectors.

The Governor’s breakdown of the budget highlights investment in essential areas to foster inclusive development and improve living standards for more than 20 million residents of Lagos.

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In the 2026 fiscal plan, Capital Expenditure is allocated N2.2 trillion, which is 52% of the total budget, while Recurrent Expenditure is set at N2 trillion, or 48%. Sanwo-Olu underscored that this capital-focused spending strategy is intended to enhance physical and social infrastructure, stimulate job creation, and encourage private sector involvement.

Sectoral allocations include:

– Economic Affairs: N1.47 trillion
(Covering infrastructure, transportation, agriculture, job creation, and economic growth)

– Health: N338 billion
(For upgrading facilities, expanding health insurance, emergency services, and training medical personnel)

– Education: N249 billion
(To improve learning infrastructure, advance digital education, support teacher training, and assist tertiary institutions)

– Environment: N235 billion
(Targeting drainage systems, climate resilience, waste management, and flood mitigation)

– Housing: N123 billion
(For affordable housing schemes, urban renewal, and slum regeneration)

– Public Order and Safety: N147 billion
(Supporting security operations, LASTMA, emergency response services, and the justice system)

– Social Protection: N70 billion
(Focused on supporting vulnerable populations and welfare programs, as well as empowering youth and women)

– Recreation: N54 billion
(For parks, cultural initiatives, sports facilities, and tourism development)

Governor Sanwo-Olu characterized this financial plan as a strategic framework aimed at broadening opportunities and providing tangible benefits to residents. He emphasized that the budget reflects Lagos’ aim to maintain its economic leadership while ensuring equitable access to development.

With this substantial budget now submitted to the Assembly, lawmakers are anticipated to engage in sectoral reviews, connect with stakeholders, and hold public hearings prior to its final approval.