By Akeem Oduyoye
Lagos State Governor Babajide Sanwo-Olu on Tuesday presented a N4.237 trillion budget proposal for 2026 to the state House of Assembly. The budget, called the “Budget of Shared Prosperity,” aims to promote growth and improve the welfare of all Lagos residents.
Security was tight around the Assembly, with police, the NSCDC, and neighbourhood safety officers on duty. The session was attended by members of the executive council, local government officials, traditional leaders, and other invited guests.
The proposed budget includes total revenue of about N3.994 trillion, made up of internally generated revenue of N3.12 trillion and federal transfers of N874 billion, leaving a deficit of N243 billion. Expenditures include N2.19 trillion for capital projects and N2.05 trillion for recurrent costs, covering overheads, salaries, and debt obligations.
Key sector allocations are: N847 billion for public services, N338 billion for health, N249 billion for education, N147 billion for security, N1.37 trillion for economic development, and smaller amounts for housing, environment, recreation, and social protection.
Governor Sanwo-Olu said the budget is based on four main pillars—human development, modern infrastructure, a strong economy, and effective governance—under the T.H.E.M.E.S+ Agenda.
Speaker Mudashiru Obasa praised the focus on critical sectors and promised that the House would carefully review the proposal to ensure it meets Lagosians’ needs, emphasizing improvements in healthcare, education, transport, security, and infrastructure.