Sanwo-Olu Presents ₦4.23trn 2026 Budget

The Lagos State Governor, Babajide Sanwo-Olu, has presented a budget estimate of ₦4.237 trillion for the year 2026.

Submitting the 2026 budget on Tuesday to the Lagos State House of Assembly for approval, Sanwo-Olu described it as a “bold and forward-looking financial plan” aimed at consolidating his administration’s legacy in its final full year.

“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,” he said, unveiling the proposal.

According to the governor, the budget projects a total revenue 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.

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Sanwo-Olu told lawmakers that capital expenditure for 2026 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, covering general overheads, subventions, and dedicated expenditure.

Personnel costs are estimated at ₦440,494,339,384, recurrent debt charges at ₦143,876,701,943, and debt repayments at ₦383,404,705,394.

The governor also highlighted the sectoral allocations for 2026. General Public Services is set to receive ₦847,472,071,966, while Public Order and Safety is allocated ₦147,040,088,897. Economic Affairs is the largest beneficiary, with ₦1,372,307,808,626 earmarked for the sector.

The Environment sector will receive ₦235,957,235,138, and Housing is allocated ₦123,760,310,429. Health is set to get ₦338,449,258,945, while Recreation will receive ₦54,682,339,586.

Education has been allocated ₦249,132,921,287, and Social Protection will receive ₦70,024,171,038.

Sanwo-Olu emphasised that 2026 holds special significance as the last full year of his administration, saying, “This period is pivotal for consolidating our legacy and ensuring a strong, successful finish.”

He added that his government remains committed to completing all ongoing and initiated projects while continuing to engage Lagosians to ensure their priorities shape government decisions.