The Lagos State Governor, Babajide Sanwo-Olu, on Tuesday, 25 November, 2025 presented a proposed N4.237 trillion budget for the 2026 fiscal year to the state House of Assembly.
Members of the state executive council, local government officials, traditional rulers, and other guests attended the session, which was presided over by the Speaker, Mudashiru Obasa.
Sanwo-Olu began his presentation of the budget, tagged “Budget of Shared Prosperity,” at about 1.25 p.m.
During the address before the 40-member House, the Governor emphasised that the 2026 proposal was designed to promote shared prosperity and build a Lagos that benefits all residents.
“Our mission remains clear, to eradicate poverty and build a Lagos that works for all,” the governor said, just as he also added that the budget is anchored on four strategic pillars: a human-centred approach, modern infrastructure, a thriving economy, and good governance.
If approved, the N4.2tn proposal would represent a major leap in Lagos’ annual spending plan, reflecting growth of over N3 trillion in five years.
Budget records show that the state’s appropriation has risen from N1.1 trillion in 2021 to the N4.2 trillion now proposed for 2026 — an increase of N3.074 trillion under Sanwo-Olu’s administration.
The budget rose to N1.75 trillion in 2022, N1.76 trillion in 2023, and N2.26 trillion in 2024. By 2025, Lagos surpassed the N3 trillion mark with a N3.366 trillion budget ahead of the latest N4.237 trillion proposal.
According to the Governor, the new budget “is reaffirming of our collective belief that Lagos can continue to rise.”
Sanwo-Olu added that the proposal builds on existing development foundations and restated his commitment to completing ongoing projects.
“We remain determined to complete all ongoing projects,” he said.
Security was heightened within and around the Assembly complex, with officers from the police, the Nigeria Security and Civil Defence Corps, and the Lagos State Neighbourhood Safety Corps stationed at major entry points.
