Sanwo-Olu Signs Lagos State’s N4.4trn 2026 Budget into Law

Segun James

Governor Babajide Sanwo-Olu of Lagos State yesterday signed the state’s 2026 budget into law during a ceremony held at Lagos House, Alausa, Ikeja.

The ceremony was witnessed by Deputy Governor, Dr Obafemi Hamzat, members of the State Excutive Council, and members of the House of Assembly.

Sanwo-Olu had last December presented a budget of N4.2 trillion to the Assembly, tagged, “Budget of shared prosperity.”

However, the House of Assembly on January 8 approved a total of N4.4 trillion as the budget of the state for 2026, with an increase of about N2 billion.

The Assembly presided by Speaker Mudashiru Obasa, during a plenary, authorised the passage of the bill for a law to authorise the issuance and appropriation of N4,444,509,776,438.

Presenting the report on the floor of the Assembly, Chairman of the Committee on Economic Planning and Budget, Sa’ad Olumoh, stated that the total budget for the 2026 fiscal year was N4,444,509,776,438, with N2,106,704,566,113 earmarked for recurrent expenditure, and N2,337,805,210,325 for capital expenditure for the year ending December 31, 2026.

Speaking shortly after signing the budget, Sanwo-Olu stated that the budget will be responsibly implemented in the interest of Lagosians.

While acknowledging an increase in the budget passed by the Assembly, Sanwo-Olu expressed satisfaction, saying it showed members of the Assembly believed Lagos residents deserved more.

Sanwo-Olu said, “On behalf of the people and the government of Lagos State, let me thank the House of Assembly. This is a budget that you have had your full input into, you have scrutinized, you have dissected, and you have taken your time to do the very constitutional provision, which is enshrined in our constitution. I want to thank you for the work you have done.

“You will notice that there is a slight increase from what we put forward, but that goes to show that the independence that you have, and the fact that you believe that Lagosians actually also deserve more, and the fact that you believe that we also can do more. So, we’re excited and we’re happy with the way that you have brought it forward here to us.”

The governor added, “For us in the executive, it is another opportunity for us to be able to work together. It is a budget of shared prosperity that has been properly christened, and sharing prosperity means that it’s an inclusive government, it’s a budget that must carry everybody along irrespective of what part of the state, what division in the state, what sector you are from you must feel governance, you must feel the essence of why we’re in government in one form or the other.

“If it’s on the road, that will be on the road. If it’s on the schools that we’re going to build, if it’s on the health facility we’re going to build, if it’s on the various industries and engagement we’re going to have, if it is on the various interventions that we will do to enhance and to improve the quality of lives.”

He said, “If it is for the security that we will provide to ensure that security of life and property is enshrined. These are ways in which the prosperity of every Lagosians will be felt in this budget in one form or the other.

“I want to assure you that this budget will be implemented responsibly so that Lagosians will feel the benefits.”

Majority Leader, Hon. Adams Nojeem, who represented Obasa, said, “I recall that Mr. Speaker has directed all committees in the Lagos State House of Assembly to scrutinise this project properly so that it can reflect the reality of today’s Lagos.

“And I’m happy to announce today that members of the committees, most especially the Chairman Committee on Budget has well scrutinized the budget.

“And I can say here today that the budget has been approved by the Lagos State House of Assembly and we have approved 4,444,509 million Naira. And we are sure that the budget will reflect the reality of today’s Lagos.”

Commissioner for Economic Planning and Budget, Opeyemi George, said, “The budget assent provides us the opportunity to clearly articulate the intent, direction, and delivery framework for the year 2026 budget of Lagos State, aptly themed the Budget of Shared Prosperity.

“This budget reflects deliberate planning and it strengthens the foundations for a more resilient, competitive, and people-centred Lagos, one that is equipped to address present challenges while positioning for future growth.”

George said, “With a total proposed size of N4.2 trillion, which was reviewed upwards likely to N4.444 trillion by the Lagos State House of Assembly after legislative scrutiny and committee engagements with ministries, departments, and agencies, the year 2026 budget represents a bold yet disciplined fiscal response to prevailing economic realities.

“The administration is prioritizing economic affairs with deliberate emphasis on infrastructure renewal, transportation expansion, agricultural development, and other growth-enhancing activities that stimulate business and economic development.”