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

The House, for its part, vowed to meticulously scrutinise the financial proposal.

Security was visibly heightened within and around the Assembly complex during the event, with officers from the Police, the Nigeria Security and Civil Defence Corps, and the Lagos State Neighbourhood Safety Corps stationed at major entry points to maintain order.

The session, which was presided over by the Speaker, Mudashiru Obasa, saw the attendance of key state stakeholders, including members of the state executive council, various local government officials, traditional rulers, and other invited guests. Governor Sanwo-Olu commenced his presentation of the budget, which he tagged “Budget of Shared Prosperity,” at approximately 1.25 p.m.

The proposed budget has a total size of N4,237,107,009,308 and is composed of a total revenue of N3,993,774,552,141 and deficit financing of N243,332,457,167. The revenue projection is further broken down, consisting of N3,119,774,552,141 in Internally Generated Revenue and N874,000,000,000 expected from federal transfers.

Regarding expenditure, the government is proposing a total of N2,185,085,419,495 for capital expenditure and N2,052,021,589,812 for recurrent expenditure.

The recurrent expenditure component, which covers overheads, personnel costs, and debt services, includes a total overhead cost of N1,084,245,843,091. The personnel and debt obligations are specified as a total personnel cost of N440,494,339,384, recurrent debt charges of N143,876,701,943, and debt repayments amounting to N383,404,705,394.

Sectoral allocations for the 2026 fiscal year detail specific amounts for key areas: N847,472,071,966 for General Public Services, N147,040,088,897 for Public Order and Safety, N1,372,307,808,626 for Economic Affairs, N235,957,235,138 for Environment, N123,760,310,429 for Housing, N338,449,258,945 for Health, N54,682,339,586 for Recreation, N249,132,921,287 for Education, and N70,024,171,038 for Social Protection.

During his address before the 40-member House, Governor Sanwo-Olu stressed that the 2026 proposal was strategically designed to promote shared prosperity and actively build a Lagos that delivers benefits to all its residents. He clearly articulated the administration’s core objectives.

The Governor succinctly stated the administration’s mission: “Our mission remains clear: to eradicate poverty and build a Lagos that works for all,” and further defined the guiding vision by adding, “Our vision continues to guide every fiscal decision we make—to deliver a Greater Lagos where shared prosperity is not an aspiration but a lived and felt reality.”

Sanwo-Olu provided the framework of the budget, explaining that it is firmly anchored on four core pillars—a human-centred approach, modern infrastructure, a thriving economy, and effective governance—all of which are perfectly aligned with the state’s overarching T.H.E.M.E.S+ Agenda.

The Speaker of the House, Mudashiru Obasa, highlighted the critical sectors prioritised in the budget proposal, specifically mentioning healthcare, education, transportation, security, and governance. He then confirmed the Assembly’s commitment to its legislative duty.

Speaker Obasa acknowledged the detailed presentation and promised a rigorous review, saying, “We have all listened with rapt attention to how the wealth of our state will be utilised for our common good in 2026. The responsibility now lies with this Honourable House to meticulously perform our constitutional duty,” while vowing to scrutinise the proposed budget thoroughly.

Reflecting on the preceding fiscal year, Obasa provided a positive assessment of the state’s performance, noting, “I can say with confidence that the current budget’s execution has been promising, especially in health, education, transport, and security.”

In conclusion, the Speaker outlined the expectations for the newly proposed budget, asserting, “For 2026, the proposed N4.237tn budget must match Lagosians’ aspirations. It must further economic resilience, improve welfare, strengthen security, and build enduring infrastructure,” he added.