Lagos State Governor, Babajide Sanwo-Olu, on Tuesday presented a record-breaking N4.237 trillion budget proposal for the 2026 fiscal year to the Lagos State House of Assembly in Ikeja.

The proposal marks a significant increase of more than N1 trillion compared to the N3.005 trillion budget for 2025, which was presented last November.

Christening the new plan as the “Budget of Shared Prosperity,” Sanwo-Olu said the appropriation bill reflects his administration’s commitment to inclusive growth, infrastructure expansion, and social investment.

“This budget is proposed at a total size of N4.237 trillion. This budget comprises a total revenue of N3.993 trillion, which has only a deficit financing of N243.332 billion. We also have a total revenue comprising totally internally generated revenue of N3.119 trillion and total federal transfers of N874 billion,” the governor stated.

The governor proposed capital expenditure of N2.185 trillion and recurrent expenditure of N2.055 trillion, covering overheads, personnel, and debt servicing.

Breaking down the recurrent spending, Sanwo-Olu explained:

Personnel costs were pegged at N440.449 billion, while debt servicing included N143.876 billion in recurring debt charges and N383.404 billion for debt repayment.

Sanwo-Olu outlined allocations across key sectors:

These allocations reflect the administration’s priorities in infrastructure, human capital development, and social welfare.

The proposal will now undergo legislative scrutiny before passage into law.