Lagos State Governor, Babajide Sanwo-Olu, on Tuesday presented a ₦4.237 trillion budget estimate for the 2026 fiscal year to the Lagos State House of Assembly, marking a major expansion from the ₦3.366 trillion approved for 2025.
The new proposal, themed “Budget of Sustainability”, was laid before lawmakers during a plenary session presided over by Speaker Mudashiru Obasa. The Deputy Governor, Dr. Femi Hamzat, members of the executive council, with other dignitaries in attendance.
The 2026 budget represents a 26% increase over the previous year’s ₦3.366trillion spending plan, signalling the administration’s intent to accelerate infrastructure delivery, deepen economic diversification, and strengthen governance systems.
The 2025 budget, signed into law on January 9, 2025, after a delayed presentation in November 2024, was designed to consolidate ongoing projects and stabilise key sectors amid national economic headwinds.
In contrast, the 2026 proposal builds on improved revenue projections and ongoing reforms, with a more aggressive push toward capital expenditure to meet population pressures in Africa’s fastest-growing megacity.
Presenting the proposal, Governor Sanwo-Olu said the budget is crafted as a strategic roadmap to ensure continuity, resilience, and shared prosperity.
“Our 2026 Budget of Sustainability is structured around five key pillars, including infrastructure sustainability, economic diversification, and institutional reforms,” he said, emphasizing that Lagos must continue to position itself for long-term competitiveness.
The governor noted that the spending plan prioritises transport infrastructure, healthcare expansion, education upgrades, housing delivery, technology innovation, and enhanced security architecture.
Speaker Obasa commended the governor for what he described as a forward-looking proposal, assuring that the Assembly would give the document accelerated but thorough consideration.
The 2026 budget, if approved, will become the largest in the state’s history, reaffirming Lagos’ position as Nigeria’s biggest subnational economy and the fiscal engine of the nation.

