Sanwo-Olu Takes Proposed N4 Trillion 2026 Fiscal To Lagos Lawmakers
By Felix Kuyinu
The Lagos State Governor, Babajide Sanwo-Olu, has submitted a budget proposal of N4.237 at the Lagos State House of Assembly for the state’s expenditure for year 2026.
The proposed budget tagged the “Budget of Shared Prosperity” has a total revenue of N3.994 trillion, with an additional N243.3 billion from deficit financing and an internally generated revenue of N3.12 trillion alongside federal transfers of N874 billion.
The capital expenditure is set at N2.185 trillion, while recurrent expenditure is N2.052 trillion, covering overheads, personnel costs, and debt servicing.
Key allocations under recurrent expenditure include overhead costs of N1.084 trillion, personnel costs of N440.5 billion, and debt servicing of N527.3 billion.
The budget allocates N1.372 trillion to Economic Affairs, N847 billion to General Public Services, N338.4 billion to Health, N249.1 billion to Education, and N236 billion to the Environment.
Social protection and recreation are allocated N70 billion and N54.7 billion respectively, while Housing receives N123.8 billion.
Sanwo-Olu, during the presentation at the state’s Assembly complex in Alausa, Ikeja on Tuesday, said that the presentation is a roadmap for continued growth and shared prosperity, stressing that the final full year of the administration will focus on consolidating achievements and completing ongoing projects.
The governor lauded the support of the legislators alongside the civil service describing the duo as colossal points in the state whose aspirations and resilience continue to guide governance and policy decisions.
He added that his administration is fully commited to providing dividends of democracy in order to aid more economic growth, and inclusive development.
