2026 budget: Executive, Legislative’s collaboration responsible for Sanwo-Olu’s success- Obasa
CHIGOZIE AMADI
The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa on Tuesday said the collaboration with the Executive has been of tremendous help to the success of the State Governor’s Mr Babajide Sanwo-Olu administration.
Sanwo-Olu had presented a N4.237 Trn Appropriation Bill of budget estimate for the year 2026 to members of the State House of Assembly.
The budget which is tagged ‘The Budget of Shared Prosperity,’ is anchored on four pillars.
According to the Governor, the budget is meant to build a Lagos that works for everyone, that is safe and secured.
The budget has a Total Revenue of N3.993 Trillion and Deficit Financing of N243.332bn.
Also, Total Internally Generated Revenue of N3.119 Trn and Total Federal Transfer of N874,000bn.
For Capital Expenditure of N2.185trn and Recurrent Expenditure of N2.052trn comprising total overhead, total personnel cost, and recurrent debt service.
The Recurrent Expenditure is broken down as follows: Total Overhead Cost: N1.084trn made up of Overhead, N698.890bn.
In his reaction, Obasa said, “Our commitment to citizen engagement remains steadfast. Through our annual Stakeholder Meetings, held simultaneously across all constituencies, we ensure that Lagosians have a voice. We believe governance works best when people are listened to, not just talked at.
“And perhaps most personally gratifying for me is that we recently passed a landmark bill, University of Medicine and Health Sciences Law, 2025, establishing the Lagos State School of Health Science and Medicine. This is so dear to us because we want to stop the brain drain, the “japa” syndrome of our health workers, to create opportunities for our brilliant young people to stay and serve in Lagos and, by extension, Nigeria. This will encourage them to study, to heal, to build, right here at home.
“Reflecting on the 2025 fiscal year, I can say with confidence that the current budget’s execution has been promising, especially in health, education, transport, and security.
“For 2026, the proposed ₦4.237 trillion budget must match Lagosians’ aspirations. It must further economic resilience, improve welfare, strengthen security, and build enduring infrastructure.
“Our economic strength rests on unity, thoughtful planning, and inclusive policies. We are a state defined by human liberty and responsible governance. Our strength is not in arrogance but in unity, in our sophistication, and in our commitment to building for the future. These are the true strengths of our socio-economic status, and we cannot depart from them.”
