Lagos 2026 Budget: ₦1.37trn Allocated to Economic Affairs

By Love Oyedokun

Lagos, Nigeria – Governor Babajide Sanwo-Olu on Tuesday presented a ₦4.237 trillion budget for 2026 to the Lagos State House of Assembly, vowing to complete key projects in his final full year in office.

Cablenews24 reports that dubbed the “Budget of Shared Prosperity,” the fiscal plan prioritizes human development, infrastructure, economic growth, and governance. Sanwo-Olu said it aims to ensure inclusive development across Lagos communities.

Key Highlights:

Total Revenue: ₦3.993 trillion (₦3.119 trillion from IGR, ₦874 billion federal transfers).

Deficit: ₦243.3 billion (described as manageable).

Capital Expenditure: ₦2.185 trillion (major projects in transport, housing, health, education).

Recurrent Spending: ₦2.052 trillion (covering salaries, overheads, debt servicing).

Top Sectoral Allocations:

Economic Affairs: ₦1.372 trillion

General Public Services: ₦847 billion

Health: ₦338 billion

Education: ₦249 billion

2025 Budget Performance

As of September, Lagos had spent ₦2.056 trillion (81% of prorated budget), with capital projects at 90% execution.

Sanwo-Olu urged lawmakers to expedite approval, saying, “We owe Lagosians a strong finish.”

Alternative Short Version

Lagos 2026 Budget: ₦4.2trn for Infrastructure, Economic Growth

Governor Babajide Sanwo-Olu has proposed a ₦4.237 trillion budget for Lagos in 2026, focusing on infrastructure, health, education, and economic expansion.

Key Details:

Revenue: ₦3.993 trillion (mostly from IGR).

Major Allocations: ₦1.37trn (Economic Affairs), ₦847bn (Public Services), ₦338bn (Health).

Capital Projects: ₦2.185 trillion.

The governor also reported 81% budget performance for 2025, with capital spending at 90%. He urged quick passage to ensure project completion.