Governor Babajide Sanwo-Olu has presented a record-breaking ₦4.2 trillion budget proposal for the 2026 fiscal year to the Lagos State House of Assembly, the largest in the state’s history and a major jump in spending over the past five years.
The new proposal underscores Lagos’ rapid financial expansion under Sanwo-Olu. The state’s budget has grown from ₦1.1 trillion in 2021 to ₦4.237 trillion in 2026, marking a cumulative increase of ₦3.074 trillion.
Annual allocations rose steadily to ₦1.75 trillion (2022), ₦1.76 trillion (2023), ₦2.26 trillion (2024) and ₦3.366 trillion (2025), before reaching the new 2026 benchmark.
This year’s spending plan, tagged the “2026 Budget of Shared Prosperity” — is anchored on four priority pillars:
- A human-centred approach
- Modern infrastructure
- A thriving, resilient economy
- Effective, accountable governance
Sanwo-Olu said the budget is designed to strengthen healthcare delivery, expand affordable housing, deepen urban renewal efforts, and support key infrastructure that improves the quality of life across Lagos.
He emphasised that his administration remains committed to building “a Lagos that works for everyone, safer, secure, functional and productive.”
The 2026 proposal also marks the final full-year budget of Governor Sanwo-Olu’s current administration.