Governor Babajide Sanwo-Olu of Lagos State has assented to the 2026 appropriation bill of N4.4 trillion, describing it as a “Budget of Shared Prosperity” for inclusive growth.
The governor said the budget also aims to improve residents’ quality of life.
Mr Sanwo-Olu spoke at the State House in Ikeja on Monday, during the signing ceremony.
The signing was witnessed by the deputy governor, Obafemi Hamzat, and representatives of the Lagos State House of Assembly, led by the majority leader, Nojim Adams.
Mr Sanwo-Olu commended the assembly for what he described as thorough scrutiny and independent legislative oversight, leading to a marginal increase in the budget size.
He said the increase reflected lawmakers’ belief that Lagos residents deserved more and that the state could deliver more despite prevailing economic challenges.
Mr Sanwo-Olu said the 2026 budget was designed to carry every resident along, regardless of location or sector, through investments in roads, schools, healthcare facilities, security, housing, and economic interventions.
He described the budget as a renewed opportunity for the executive to deliver effective governance, noting that prosperity would be felt through infrastructure development, social services, job creation, and enhanced security of lives and property.
Earlier, the commissioner for economic planning and budget, Ope George, said that the budget, initially proposed at about N4.2 trillion, was reviewed upward to N4.4 trillion following legislative engagement with ministries, departments, and agencies.
According to him, the expenditure framework comprises N2.3 trillion in capital expenditure, representing 53 per cent, and N2.1 trillion in recurrent expenditure, representing 47 per cent.
He said the structure reflected a policy decision to sustain infrastructure investment while ensuring efficient delivery of essential public services.
The commissioner said priority areas included transportation, agriculture, infrastructure renewal, health, education, environmental sustainability, housing, public safety, and social protection.
He added that the recorded 81 per cent performance of the 2025 budget as of September 30 provided a strong foundation for effective implementation of the 2026 fiscal plan.
Speaker of the House Mudashiru Obasa, represented by the majority leader, Nojim Bello, commended the governor and his cabinet for working towards a greater Lagos through the THEMES plus agenda.
“The Lagos House of Assembly remains committed to working with the Sanwo-Olu-led administration to reach a greater height,” he added.
(NAN)
Discussion about this post