Admin - November 25, 2025
NIGERIA: Sanwo-Olu Presents N4.2 Trillion ‘Budget of Shared Prosperity’ to Lagos Assembly By Ameenat Hamzat, Lagos, Nigeria lb Governor Babajide Sanwo-Olu on Tuesday presented a N4.237 trillion Appropriation Bill for the 2026 fiscal year to the Lagos State House of Assembly, describing it as an ambitious financial plan designed to consolidate ongoing reforms in his administration’s final full year in office. The proposed budget, christened the Budget of Shared Prosperity, is built around expanding socio-economic opportunities, strengthening Lagos’ position as a leading African megacity, and sustaining infrastructural development across the state. According to the breakdown presented to lawmakers, the state anticipates total revenue of N3.99 trillion for the 2026 fiscal cycle. This includes N3.12 trillion projected as Internally Generated Revenue and N874 billion expected from federal allocations, leaving a deficit financing requirement of N243.3 billion. The governor proposed N2.18 trillion for capital expenditure, representing key investments in infrastructure, transportation, housing, health, and economic growth. Recurrent expenditure is pegged at N2.05 trillion, covering overheads, personnel obligations, and debt servicing. A further breakdown shows that total overheads amount to N1.08 trillion, personnel costs stand at N440.5 billion, recurrent debt charges are projected at N143.8 billion, while debt repayments are estimated at N383.4 billion. Sectoral allocations include N1.37 trillion for Economic Affairs, N847.4 billion for General Public Services, N338.4 billion for Health, N249.1 billion for Education, and N235.9 billion for Environment. Housing receives N123.7 billion, Public Order and Safety N147 billion, Social Protection N70 billion, and Recreation and Culture N54.6 billion. Sanwo-Olu stated that the 2026 appropriation holds significant weight as it represents the last full calendar year of his second term, making it crucial for sustaining key projects and ensuring a strong finish for the administration. He noted that the budget aligns with the strategic goals of the state’s THEMES+ agenda and ongoing efforts to improve infrastructure, enhance public services, and drive inclusive economic development. The Lagos State House of Assembly is expected to review the proposal further before giving legislative approval.
By Ameenat Hamzat, Lagos, Nigeria Governor Babajide Sanwo-Olu on Tuesday presented a N4.237 trillion Appropriation Bill for the 2026 fiscal year to the Lagos State House of Assembly, describing it as an ambitious financial plan designed to consolidate ongoing reforms in his administration’s final full year in office. The proposed budget, […]
