Sanwo-Olu signs ₦4.44tn ‘budget of ‘shared prosperity’ Into law

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” aimed at inclusive growth.

The governor said that the budget also aims at improving the quality of life for residents.

Our correspondent reports that Sanwo-Olu spoke at the State House in Ikeja on Monday, during the signing ceremony.

The signing was witnessed by the Deputy Governor, Dr Obafemi Hamzat, as well as representatives of the Lagos State House of Assembly led by Majority Leader, Mr Nojim Adams.

Sanwo-Olu commended the House of Assembly for what he described as being a thorough scrutiny and independent legislative oversight, leading to a marginal upward review of the budget size.

He said that the increase reflected the lawmakers’ belief that Lagos residents deserved more and that the state could deliver more in spite of prevailing economic challenges.

Sanwo-Olu said that 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, Mr Ope George, said that the budget clearly articulated the intent, direction and delivery framework of the administration for 2026.

He 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 that the structure reflected a policy decision to sustain infrastructure investment while ensuring efficient delivery of essential public services.

The commissioner said that 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 at Sept. 30, provided a strong foundation for effective implementation of the 2026 fiscal plan.

Speaker of the House, Hon. Mudashiru Obasa, who was represented by the Majority Leader, Mr Nojim Bello, commended the governor and his cabinet for working towards a greater Lagos through the THEMES plus agenda.

” I will like to commend your dedication towards ensuring that Lagos State remains a reference for good governance, well done.

“The Lagos House of Assembly remains committed to working with the Sanwo-Olu led administration, to reach a greater height,” he said.