- The speaker assured that lawmakers would thoroughly scrutinise the budget
- Obasa lauded Sanwo-Olu’s consistency in steering Lagos through tough economic cycles
- Sanwo-Olu reiterated that 2026 is pivotal for consolidating achievements
At the Lagos State House of Assembly, a ₦4.237 trillion spending plan for the 2026 fiscal year has been laid by Governor Babajide Sanwo-Olu.
Eko Hot Blog reports that the presentation drew commendations from Speaker Mudashiru Obasa, who praised the governor for delivering a detailed and forward-looking proposal.
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Obasa lauded Sanwo-Olu’s consistency in steering Lagos through tough economic cycles, noting that his administration has maintained a strong development drive, including recent feats such as hosting the E1 Racing Championship, the first in Africa.
He highlighted the key sectors prioritised in the budget, stressing the importance of sustained collaboration between the executive and legislature.
The speaker assured that lawmakers would thoroughly scrutinise the budget, which the governor described as a strategic blueprint intended to consolidate his legacy in his final full year in office.
Sanwo-Olu emphasised that the Assembly’s earlier approval of the ISPO for the Smart Solar Streetlight Project would strengthen security and support the Smart City agenda.
While unveiling the proposal, Sanwo-Olu described the ‘Budget of Shared Prosperity’ as a commitment to ensuring Lagos remains competitive and opportunity-driven.
He noted that the state targets a total revenue of ₦3.99 trillion, with ₦3.1 trillion expected from internal sources and ₦874 billion from federal transfers, leaving a deficit of ₦243.3 billion.
According to him, capital expenditure is projected at ₦2.18 trillion, while recurrent spending will take ₦2.05 trillion, covering personnel, overheads, and debt obligations.
He also listed sectoral allocations: ₦847.4bn for General Public Services, ₦147bn for Public Order and Safety, ₦1.37tn for Economic Affairs, ₦235.9bn for Environment, and ₦123.7bn for Housing.
Health receives ₦338.4bn, Recreation ₦54.6bn, Education ₦249.1bn, and Social Protection ₦70bn.
Sanwo-Olu reiterated that 2026 is pivotal for consolidating achievements, assuring Lagosians that ongoing projects will be completed and future policies will remain people-centred.
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