By Our Reporter
Governor Babajide Sanwo-Olu on Tuesday presented a ₦4.237 trillion Appropriation Bill for the 2026 fiscal year to the Lagos State House of Assembly, describing it as an ambitious and forward-looking financial roadmap designed to consolidate the achievements of his administration as it enters its final full year.
The proposal, tagged the “Budget of Shared Prosperity,” outlines the state’s plan to deepen economic growth, expand opportunities, and reinforce Lagos’ standing as Africa’s leading megacity.
According to the governor, the 2026 budget anticipates total revenue of ₦3.99 trillion—made up of ₦3.12 trillion in Internally Generated Revenue (IGR) and ₦874 billion in expected transfers from the Federal Government—leaving a deficit of ₦243.33 billion to be financed.
Capital expenditure is pegged at ₦2.185 trillion, while recurrent expenditure is projected at ₦2.052 trillion. The recurrent component covers overheads, personnel costs, and debt obligations.
A detailed breakdown shows overhead costs of ₦1.084 trillion, personnel expenses of ₦440.49 billion, recurrent debt charges of ₦143.88 billion, and debt repayments estimated at ₦383.40 billion.
Sanwo-Olu also highlighted the sectoral allocations for the year:
- General Public Services: ₦847.47 billion
- Public Order and Safety: ₦147.04 billion
- Economic Affairs: ₦1.372 trillion
- Environment: ₦235.96 billion
- Housing: ₦123.76 billion
- Health: ₦338.45 billion
- Education: ₦249.13 billion
- Social Protection: ₦70.02 billion
- Recreation and Culture: ₦54.68 billion
The governor emphasized that 2026 marks a crucial period for consolidating ongoing projects and delivering a “strong, successful finish.” He assured Lagosians that his administration would maintain its focus on citizen engagement and inclusive development.
Sanwo-Olu reaffirmed his core mission “to keep Lagos secure, working, and growing,” stressing that the prosperity the state builds must be accessible to every resident. He also expressed appreciation to the Lagos State House of Assembly for its partnership and to the civil service for driving the implementation of government policies.
Leave a Reply