Sanwo-Olu signs N4.4tr “budget of shared prosperity” into law for 2026

Lagos State Governor, Mr Babajide Sanwo-Olu, has formally signed the state’s 2026 Appropriation Law into effect, approving a record N4.4 trillion spending plan for the new fiscal year.

The governor assented to the budget on Monday during a brief ceremony held in the Conference Room of Lagos House, Alausa, Ikeja, following its passage by the Lagos State House of Assembly in January.

The 2026 budget, christened the “Budget of Shared Prosperity,” authorises a total expenditure of N4,444,509,776,438, making it the largest financial plan in the history of the state.

The spending framework is designed to deepen inclusive growth and ensure that the benefits of development are felt across all segments of society.

Several top government officials were present at the signing ceremony, including Deputy Governor Dr Obafemi Hamzat, members of the State Executive Council, the Head of Service, Mr Bode Agoro, lawmakers of the Lagos State House of Assembly, and other senior government stakeholders.

Speaking earlier while presenting the appropriation bill to the legislature in November 2025, Governor Sanwo-Olu said the budget was deliberately structured to place the welfare of residents at the heart of governance and accelerate sustainable development across the state.

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“Our mission remains clear: to eradicate poverty and build a Lagos that works for all,” the governor said.

“Our vision continues to guide every fiscal decision we make—to deliver a Greater Lagos where shared prosperity is not an aspiration but a lived and felt reality.”

The governor explained that the 2026 spending plan is anchored on four strategic pillars: putting people at the centre of governance, expanding modern infrastructure, stimulating economic growth, and strengthening public institutions to deliver efficient services.

According to him, these priorities are fully aligned with the state’s T.H.E.M.E.S+ development agenda, which continues to serve as the guiding framework for policy formulation and public investment in Lagos.

With the signing of the Appropriation Law, all ministries, departments and agencies are expected to begin full implementation of the budget to drive economic expansion, improve service delivery and enhance the quality of life for residents in Africa’s largest city.