Sanwo-Olu presents N4.2tn 2026 budget to Lagos Assembly

The Lagos State Governor, Babajide Sanwo-Olu, on Tuesday presented a proposed N4.237 trillion budget for the 2026 fiscal year to the state House of Assembly.

Security was heightened within and around the Assembly complex, with officers from the police, the Nigeria Security and Civil Defence Corps, and the Lagos State Neighbourhood Safety Corps stationed at major entry points.

Members of the state executive council, local government officials, traditional rulers, and other guests attended the session, which was presided over by the Speaker, Mudashiru Obasa.

Sanwo-Olu began his presentation of the budget, tagged “Budget of Shared Prosperity,” at about 1.25 p.m.

During the address before the 40-member House, the governor emphasised that the 2026 proposal was designed to promote shared prosperity and build a Lagos that benefits all residents.

“Our mission remains clear, to eradicate poverty and build a Lagos that works for all,” the governor said.

He noted that the budget is anchored on four strategic pillars: a human-centred approach, modern infrastructure, a thriving economy, and good governance.

If approved, the N4.2tn proposal would represent a major leap in Lagos’ annual spending plan, reflecting growth of over N3tn in five years.

Budget records show that the state’s appropriation has risen from N1.1tn in 2021 to N4.2tn now proposed for 2026 — an increase of N3.074tn under Sanwo-Olu’s administration.

The budget rose to N1.75tn in 2022, N1.76tn in 2023, and N2.26tn in 2024. By 2025, Lagos surpassed the N3tn mark with a N3.366tn budget ahead of the latest N4.237tn proposal.

According to the governor, the new budget “is reaffirming of our collective belief that Lagos can continue to rise.”

Sanwo-Olu added that the proposal builds on existing development foundations and restated his commitment to completing ongoing projects.

“We remain determined to complete all ongoing projects,” he said.