A budget estimate for the year 2026, which is presented by the governor of Lagos State, Babajide Sanwo-Olu, is $4. 2 billion.
The Lagos State House of Assembly approved the 2026 budget on Tuesday, and Sanwo-Olu referred to it as a “bold and forward-looking financial plan” designed to strengthen his administration’s legacy for the duration of its term.
The “Budget of Shared Prosperity,” or “Year 2026 Appropriation Bill,” is a reaffirmation of our shared belief that every resident of Africa’s preferred megacity can continue to rise, lead, and have opportunities for every person.
According to the governor, the budget projects a total revenue of ₦3, 993, 774, 552, 141, supported by Internally Generated Revenue of ₦3, 119, 774, 552, 141 and Federal Transfers of ₦874 billion.
He explained that this revenue projection leaves 243, 332, 457, and 167 without adequate funding.
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Sanwo-Olu told lawmakers that capital expenditure for 2026 is proposed at ₦2, 185, 085, 419, 495, while recurrent expenditure is estimated at ₦2, 052, 021, 589, 812.
He noted that overheads, staffing costs, and debt obligations are included in the recurring component.
He claimed that general overheads, subventions, and dedicated expenditures totaled 1, 084, 245, 843, and 91, which includes all of them.
Personnel costs are estimated at ₦440, 494, 339, 384, recurrent debt charges at ₦143, 876, 701, 943, and debt repayments at ₦383, 404, 705, 394.
The governor also cited the 2026 sectoral allocations. General Public Services is set to receive ₦847, 472, 071, 966, while Public Order and Safety is allocated ₦147, 040, 088, 897. Economic Affairs is the largest beneficiary, with ₦1, 372, 307, 808, 626 earmarked for the sector.
The Environment sector will receive ₦235, 957, 235, 138, and Housing is allocated ₦123, 760, 310, 429. Health is set to get ₦338, 449, 258, 945, while Recreation will receive ₦54, 682, 339, 586.
Education has been allocated ₦249, 132, 921, 287, and Social Protection will receive ₦70, 024, 171, 038.
As his final full year as president, Sanwo-Olu stressed that 2026 holds a special significance because it is his government’s final year, noting that “this period is crucial for consolidating our legacy and ensuring a strong, successful conclusion”
Source: Channels TV
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