Lagos State Governor Babajide Sanwo-Olu on Monday signed the 2026 Appropriation Bill into law, authorising total expenditure of ₦4,444,509,776,438 for the state’s fiscal year ending December 31, 2026. The signing took place at the Conference Room, Lagos House, Alausa Secretariat in Ikeja, with key government officials and lawmakers in attendance.
The budget, christened the “Budget of Shared Prosperity,” was passed by the Lagos State House of Assembly earlier in January following extensive deliberations. Lawmakers approved the total fiscal plan after considering sectoral priorities and projections for the state’s economic performance.
In presenting the budget estimates to the Assembly in November 2025, Governor Sanwo-Olu said the financial plan was designed to drive inclusive growth and ensure that development reaches every resident of the state.
He explained that the budget’s framework is anchored on four strategic pillars: a human-centred approach, modern infrastructure, a thriving economy and effective governance, all aligned with Lagos State’s T.H.E.M.E.S+ development agenda.
Speaking after appending his signature, the governor said the enacted budget would be responsibly implemented in the interest of residents.
He expressed satisfaction with the legislature’s input, noting that the slight increase from the initial proposal reflected the Assembly’s belief in the potential for enhanced public service delivery.
Sanwo-Olu emphasised that the budget is intended to translate the administration’s vision of shared prosperity from policy into tangible improvements in the lives of Lagos residents. He said the plan focuses on expanding infrastructure, improving healthcare and education, supporting economic growth and enhancing social development across the state.
The House of Assembly, presided over by Speaker Mudashiru Obasa, had authorised passage of the bill for the governor’s assent after extensive committee engagements with various ministries, departments and agencies.
The Chairman of the House Committee on Economic Planning and Budget, Sa’ad Olumoh, presented the report confirming that more than half of the total expenditure was allocated to capital projects, indicating emphasis on long-term development and expansion of critical infrastructure.
Officials at the signing ceremony included Deputy Governor Dr Obafemi Hamzat, members of the State Executive Council, the Head of Service Mr Bode Agoro, lawmakers from the Lagos State House of Assembly, and other senior stakeholders.
Observers say that the 2026 budget reflects Lagos State’s continued focus on sustainable development and inclusive governance, even as the administration prepares to address emerging socio-economic challenges. Implementation is expected to commence in earnest as the fiscal year begins.
