By Ayomide Otitoju
Lagos State Governor Babajide Sanwo-Olu on Monday signed the 2026 Appropriation Bill, titled the “Budget of Shared Prosperity,” into law at a ceremony in Alausa, the state’s seat of power. The budget, valued at N4.444 trillion, was passed by the House of Assembly on January 8 before being transmitted to the Executive for approval.
Governor Sanwo-Olu described the budget as a bold step to strengthen governance, enhance competitiveness, and reposition Lagos for sustainable growth. He said the framework is designed to impact the lives of all residents, regardless of their location or sector of activity.
“The budget is inclusive, carrying every resident and community along. Residents will feel the impact across key priorities including education, health, security, and infrastructure,” Sanwo-Olu said. “We will implement it responsibly to ensure accountability and value for money.”
The governor highlighted ongoing challenges in the state, including the recent Balogun Market fire disaster and the demolition of shanties along the Ebute Metta coastline, noting that the budget would enhance government capacity to address emerging issues.
For 2026, the budget emphasizes infrastructure renewal, transportation expansion, agricultural development, and growth initiatives to stimulate productivity, support MSMEs, create jobs, and drive broad-based economic growth. Sanwo-Olu also condemned indiscriminate waste dumping and announced plans to double the capacity of the Lagos State Waste Management Authority (LAWMA) and private collectors.
Commissioner for Economic Planning and Budget, Ope George, described the budget as a “bold, disciplined fiscal response to prevailing economic realities.” He noted the budget was increased from an initial N4.2 trillion proposal and underwent thorough legislative scrutiny, including committee reviews of Ministries, Departments, and Agencies (MDAs).
The expenditure framework allocates N2.337 trillion (53%) to Capital Expenditure and N2.107 trillion (47%) to Recurrent Expenditure, balancing strategic infrastructure investment with essential government services. George added that the successful performance of the 2025 budget provides a solid foundation for implementing the 2026 plan.
Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, represented by Majority Leader Hon. Noheem Adams, affirmed the legislature’s thorough review of the budget and expressed confidence in the Executive’s capacity to implement it effectively.
“The budget has been well scrutinised, and we trust the Executive to implement it to the letter,” Hon. Adams said.
