Lagos State Governor Babajide Sanwo-Olu on Tuesday unveiled a proposed N4.237 trillion budget for 2026 before the state House of Assembly, describing it as a financial plan designed to advance shared prosperity and improve the lives of all Lagos residents.
Security was tight around the Assembly complex, with officers from the police, Nigeria Security and Civil Defence Corps and the Lagos Neighbourhood Safety Corps manning major entry points.
The presentation was attended by members of the state executive council, traditional rulers, local government officials and other invited guests. The session was presided over by Speaker Mudashiru Obasa.
Sanwo-Olu began the presentation around 1:25 p.m., tagging the 2026 spending plan the “Budget of Shared Prosperity.” He told lawmakers that the proposal focuses on reducing poverty and building a Lagos where opportunities are accessible to everyone.
“Our mission remains clear, to eradicate poverty and build a Lagos that works for all,” the governor said.
He explained that the budget rests on four key pillars which is people-centred development, modern and resilient infrastructure, a strong, competitive economy, and transparent, accountable governance.
If approved, the N4.2tn proposal will mark a significant rise in the state’s annual budget, continuing a steady growth trend recorded under Sanwo-Olu’s administration. Lagos’ budget has grown from N1.1tn in 2021 to over N3tn in 2025, and now a proposed N4.237tn for 2026, representing an increase of more than N3tn in five years.
The budget climbed to N1.75tn in 2022, N1.76tn in 2023, N2.26tn in 2024, and N3.366tn this year.
Sanwo-Olu noted that the 2026 plan builds on existing development efforts and reaffirmed his administration’s commitment to completing all ongoing projects.
“We remain determined to complete all ongoing projects,” he assured.
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