Breaking News: Sanwo-Olu Presents N4.2 Trillion “Budget of Shared Prosperity” to Lagos Assembly
The Governor of Lagos State, Babajide Sanwo-Olu, on Tuesday unveiled the Year 2026 Appropriation Bill, presenting an unprecedented N4.2 trillion budget to the Lagos State House of Assembly. The proposal, christened “The Budget of Shared Prosperity,” aims to accelerate infrastructure development, expand welfare support, and consolidate growth across key sectors of the state’s economy.
According to the breakdown released by the Governor, the budget prioritizes investment in critical sectors to drive inclusive development and enhance the quality of life for over 20 million Lagos residents.
Under the 2026 fiscal proposal, Capital Expenditure accounts for N2.2 trillion, representing 52%, while Recurrent Expenditure is pegged at N2 trillion, or 48% of the total budget. Sanwo-Olu emphasized that the capital-heavy spending plan is designed to boost physical and social infrastructure, stimulate job creation, and promote private-sector participation.
Sectoral allocations include:
Economic Affairs: N1.47 trillion
(Infrastructure, transportation, agriculture, job creation, and economic development)
Health: N338 billion
(Upgrading facilities, health insurance coverage, emergency services, and medical personnel)
Education: N249 billion
(Learning infrastructure, digital education, teacher training, and tertiary support)
Environment: N235 billion
(Drainage systems, climate resilience, waste management, flood mitigation)
Housing: N123 billion
(Affordable home schemes, urban renewal, slum regeneration)
Public Order and Safety: N147 billion
(Security operations, LASTMA, emergency response, justice system support)
Social Protection: N70 billion
(Vulnerable support, welfare interventions, youth and women empowerment)
Recreation: N54 billion
(Parks, cultural projects, sports facilities, and tourism development)
Governor Sanwo-Olu described the financial blueprint as a strategic roadmap to expand opportunities and deliver tangible benefits to residents. He noted that the budget reflects Lagos’ ambition to sustain its economic leadership while providing equitable access to development.
With the mega–budget now before the Assembly, lawmakers are expected to begin sectoral reviews, stakeholder engagements, and public hearings before final passage.