- The proposed figures represent a significant jump in Lagos’s annual spending plan
- higher federal allocations after subsidy removal have also contributed to the increased figures
- lawmakers to fix a date for the presentation of the Appropriation Bill estimated at N4.27 trillion
Governor Babajide Sanwo-Olu has formally notified the Lagos State House of Assembly of his intention to present the proposed N4.2 trillion budget for the 2026 fiscal year.
Eko Hot Blog reports that the Assembly confirmed receiving the governor’s communication, requesting lawmakers to fix a date for the presentation of the Appropriation Bill estimated at N4.27 trillion.
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The clerk, Olalekan Onafeko, read the letter on the floor, officially initiating the legislative process ahead of the budget presentation.
However, the Assembly had yet to set a specific date as of press time, with officials promising to revert with updates.
The proposed figures represent a significant jump in Lagos’s annual spending plan, which has grown by over N3 trillion within five years of the Sanwo-Olu administration.
Data shows that the state’s budget moved from N1.1 trillion in 2021 to N1.75 trillion in 2022, N1.76 trillion in 2023, N2.26 trillion in 2024, and N3.366 trillion in 2025 before hitting the new N4.2 trillion threshold.
Reacting to the upward trend, economist and CEO of Cowry Treasurers, Charles Sanni, said a rising budget is healthy for a developing state, provided allocations are targeted at growth-driven infrastructure.
He added that inflationary pressures and higher federal allocations after subsidy removal have also contributed to the increased figures.
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