Governor Babajide Sanwo-Olu on Tuesday laid before the Lagos State House of Assembly a N4.237 trillion Appropriation Bill for the 2026 fiscal year, describing it as an ambitious, future-driven financial plan aimed at solidifying his administration’s legacy in its final full year.
Presenting the proposal, titled the “Budget of Shared Prosperity,” the governor said it reflects the collective optimism that Lagos will continue to expand opportunities, strengthen its leadership role, and reinforce its status as Africa’s foremost megacity.
Sanwo-Olu disclosed that the budget projects total revenue of N3,993,774,552,141, comprising N3.12 trillion in Internally Generated Revenue and N874 billion in expected Federal Transfers. The funding structure, he noted, leaves a deficit financing requirement of N243,332,457,167.
For the 2026 fiscal year, capital expenditure is set at N2,185,085,419,495, while recurrent expenditure stands at N2,052,021,589,812. He explained that the recurrent component covers overheads, personnel costs, and debt obligations.
A breakdown of recurrent spending shows total overhead costs of N1,084,245,843,091, including general overheads, subventions and dedicated expenditures, while personnel costs amount to N440,494,339,384. Recurrent debt charges are projected at ₦143,876,701,943, with debt repayments estimated at N383,404,705,394.
Sanwo-Olu also outlined the sectoral distribution of the 2026 budget. General Public Services will receive N847,472,071,966; Public Order and Safety, N147,040,088,897; and Economic Affairs, N1,372,307,808,626. The Environment Ministry is allocated N235,957,235,138, while Housing receives N123,760,310,429.
The Health sector is earmarked N338,449,258,945; Education gets N249,132,921,287; Social Protection, N70,024,171,038; and the Recreation and Culture sector will take N54,682,339,586. Credit: dailypost.ng
