Sanwo-Olu Presents Record N4.2 trillion ‘Budget of Shared Prosperity’ for Lagos in 2026

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Lagos State Governor, Babajide Sanwo-Olu, has presented a landmark N4.2 trillion budget for the 2026 fiscal year to the Lagos State House of Assembly, describing it as the “Budget of Shared Prosperity.”

The budget, the largest in the state’s history, is designed to accelerate infrastructural development, deepen social welfare, and drive economic expansion across Africa’s fastest-growing megacity.

According to Governor Sanwo-Olu, the 2026 budget is anchored on four strategic pillars: Human-Centric City, Modern Infrastructure, Thriving Economy, and Effective Governance, all aligned with the evolved T.H.E.M.E.S+ Agenda and the state’s Parastatal Monitoring Framework.

Budget Breakdown

Total Budget: N4.2 trillion

Capital Expenditure: N2.2 trillion (52%)

Recurrent Expenditure: N2 trillion (48%)

The sectoral allocations reflect the administration’s priority on infrastructure, economic growth, and social welfare.

Sectoral Allocations

Economic Affairs (Infrastructure, Agriculture, etc): N1.47 trillion

Health: N338 billion

Education: N249 billion

Environment: N235 billion

Housing: N123 billion

Public Order & Safety: N147 billion

Social Protection: N70 billion

Recreation: N54 billion

Sanwo-Olu highlighted that the state recorded an 81% budget performance for the 2025 fiscal year as of September 30, underscoring what he described as Lagos’ strong fiscal discipline and efficient resource management.

He noted that the “Budget of Shared Prosperity” aims to deliver modern infrastructure, empower residents through improved social services, and sustain Lagos’ position as Nigeria’s economic powerhouse.

The Governor urged the Assembly to give the budget swift consideration, stressing that the 2026 spending plan is crucial to driving inclusive growth and ensuring every Lagos resident benefits from the state’s continued development.

More details are expected as the budget progresses through legislative review.