Lagos State Governor, Babajide Sanwo-Olu, on Tuesday laid a proposed N4.2tn budget for the 2026 fiscal year before the state House of Assembly, describing it as a financial plan designed to expand opportunities and lift residents through shared prosperity.
Security operatives from the police, the Nigeria Security and Civil Defence Corps and the Lagos State Neighbourhood Safety Corps mounted a tight watch around the Assembly complex while the governor arrived with members of the executive council, local government officials, traditional rulers and other guests. The session was presided over by the Speaker, Mudashiru Obasa.
Sanwo-Olu, who began the presentation at about 1.25 p.m., said the proposal, tagged Budget of Shared Prosperity, reflects his administration’s mission to tackle poverty and build a Lagos that offers improved living conditions for all residents. He said, “Our mission remains clear, to eradicate poverty and build a Lagos that works for all.”
According to him, the 2026 plan rests on four pillars which include a human-centred approach, modern infrastructure, a thriving economy and good governance.
He explained that the new figure marks a major rise in Lagos’ annual spending pattern, continuing a five-year growth trend that has seen the budget move from N1.1tn in 2021 to the current N4.237tn proposal for 2026.
Records show the state’s budget moved to N1.75tn in 2022, N1.76tn in 2023 and N2.26tn in 2024. By 2025, the figure rose to N3.366tn before the latest proposal.
Sanwo-Olu said the 2026 budget builds on existing development foundations and expressed commitment to completing ongoing projects across the state. He added, “We remain determined to complete all ongoing projects.”
The proposal now awaits consideration and approval by the 40-member House.
