Lagos State Governor Babajide Sanwo-Olu on Tuesday presented a ₦4.237 trillion Appropriation Bill for the 2026 fiscal year to the Lagos State House of Assembly, describing it as an ambitious and future-focused roadmap designed to cement his administration’s legacy in its final full year.

Tagged the “Budget of Shared Prosperity,” the proposal, according to the governor, reflects the collective optimism that Lagos will continue to expand economic opportunities, deepen its leadership influence, and consolidate its standing as Africa’s premier megacity.

Sanwo-Olu said the budget is built on a projected total revenue of ₦3.99 trillion, comprising ₦3.12 trillion in Internally Generated Revenue (IGR) and ₦874 billion expected from federal transfers. This revenue plan leaves a deficit financing requirement of ₦243.3 billion.

The governor proposed ₦2.18 trillion for capital expenditure and ₦2.05 trillion for recurrent spending, which will cover overheads, personnel costs, and debt obligations.

A breakdown of the recurrent expenditure shows overhead costs of ₦1.08 trillion, including general overheads, subventions, and dedicated sectoral spending. Personnel expenses are projected at ₦440.49 billion, while recurrent debt charges and debt repayments stand at ₦143.87 billion and ₦383.40 billion, respectively.

Sanwo-Olu also provided a sectoral allocation summary:

General Public Services – ₦847.47 billion
Public Order and Safety – ₦147.04 billion
Economic Affairs – ₦1.37 trillion
Environment – ₦235.96 billion
Housing – ₦123.76 billion
Health – ₦338.45 billion
Education – ₦249.13 billion
Social Protection – ₦70.02 billion
Recreation and Culture – ₦54.68 billion

The governor noted that the year 2026 holds special significance as the last full calendar year of his administration, making it a pivotal period for consolidating achievements and ensuring what he described as a “strong, successful finish.”

He reaffirmed his commitment to completing all ongoing and newly initiated projects, stressing that citizen engagement will remain a priority to ensure government decisions align with the needs and aspirations of Lagos residents.

According to Sanwo-Olu, Lagos is transitioning into a new era of “accelerated impact,” propelled by sustained investments in infrastructure, human capital, social welfare, and governance systems that are “intentional, inclusive, and future-oriented.”

“Our mission remains clear,” he said. “To keep Lagos secure, to keep Lagos working, to keep Lagos growing, and to ensure that the prosperity we build is shared by everyone who calls this state home.”

The governor expressed appreciation to the Lagos State House of Assembly for its longstanding partnership in the state’s development journey, and commended the civil service for its commitment to translating government policies into measurable results.