Sanwo-Olu Presents N4.2tn ‘Budget of Shared Prosperity’ for 2026 to Lagos Assembly

Lagos State Governor Babajide Sanwo-Olu on Tuesday submitted a landmark N4.237 trillion 2026 budget proposal to the Lagos State House of Assembly, marking the state’s biggest spending plan yet. The governor arrived at the Assembly complex amid heightened security, where police officers, NSCDC personnel, and the Lagos Neighbourhood Safety Corps ensured tight access control around the premises.

The presentation, attended by state executives, local government chairmen, traditional rulers, and other dignitaries, began at about 1:25 p.m. under the leadership of Speaker Mudashiru Obasa. Sanwo-Olu described the proposal—tagged “Budget of Shared Prosperity”—as a strategic financial plan meant to build a Lagos that works for everyone, especially vulnerable residents.

Addressing the 40-member Assembly, the governor emphasised that the 2026 budget aligns with his administration’s long-term mission to eradicate poverty and expand economic opportunities. He explained that the proposal is anchored on four pillars: a human-centred approach, modern infrastructure, a productive economy, and strong governance, all geared towards improving daily life for the state’s growing population.

If approved, the N4.2tn budget would reflect a dramatic rise in Lagos’ spending capacity, recording over N3 trillion growth within five years. Budget figures show the state’s appropriation has consistently increased—from N1.1tn in 2021 to N1.75tn in 2022, N1.76tn in 2023, N2.26tn in 2024, and N3.366tn in 2025—now reaching its highest level under Sanwo-Olu’s leadership.

Sanwo-Olu assured lawmakers and residents that the 2026 plan builds on existing developmental foundations and reinforces his administration’s commitment to delivery. “We remain determined to complete all ongoing projects,” he said, expressing confidence that Lagos will continue to rise through sustained investments and shared prosperity.

source: Punch