The Lagos State House of Assembly, at a well-attended plenary session, formally received the Governor of Lagos State, Mr. Babajide Olusola Sanwo-Olu, as he presented the ₦4.237 trillion Y2026 Appropriation Bill themed “Budget of Shared Prosperity.” The presentation marks a significant milestone as it represents the final full-year fiscal plan of the current administration.
Presiding over the session, the Speaker, Rt. Hon. (Dr.) Mudashiru Ajayi Obasa, underscored the importance of the 2026 budget to the State’s long-term development agenda.
He stated:
“We are here to receive the Y2026 Appropriation Bill of ₦4.237 trillion, themed Budget of Shared Prosperity. I extend my sincere appreciation to Mr. Governor, Mr. Babajide Sanwo-Olu, and his team for crafting a comprehensive budget that aligns with Lagos’ aspirations for sustainable growth and development.”
The Speaker noted that the budget places priority on critical sectors such as healthcare, education, transportation, security, and good governance—areas vital to sustaining Lagos’ position as Africa’s leading economic hub.
He added:
“You have maintained a track record of resourceful consistency, steering our State through economic challenges while driving infrastructure development.”
Speaker Obasa also acknowledged major national gains under President Bola Ahmed Tinubu’s administration, including Nigeria’s removal from the FATF grey list and the IMF’s confirmation of the country’s cleared debt obligations—progress he said has strengthened the nation’s economic landscape and, by extension, Lagos’ fiscal outlook.
During his address, Governor Sanwo-Olu reaffirmed the intent of the fiscal proposal and the administration’s commitment to inclusive, people-focused governance.
He declared:
“I stand before you today with a great sense of purpose to present the last full-year budget of our administration, the Year 2026 Appropriation Bill, aptly named ‘The Budget of Shared Prosperity.’”
The Governor emphasised Lagos’ growing prominence on the continent:
“Today, our Lagos stands tall as a continental economic powerhouse—Africa’s second-largest city economy after Cairo. This status is no accident; it is the product of consistency, productivity, and the unyielding Lagos spirit.”
He further outlined the vision for 2026:
“Our mission remains clear: to eradicate poverty, expand opportunity, and build a Lagos that works for everyone—safe, secure, functional, and productive.”
Reinforcing the guiding principles of the proposal, he added:
“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.”
Governor Sanwo-Olu explained that the budget is anchored on four pillars—A Human-Centred Approach, Modern Infrastructure, A Thriving Economy, and Effective Governance—all aligned with the enhanced T.H.E.M.E.S+ Agenda.
He concluded by stating:
“The Year 2026 Appropriation Bill is a reaffirmation of our collective belief that Lagos can continue to rise, continue to lead, and continue to create opportunities for every resident of Africa’s preferred megacity.”
In his closing remarks, Speaker Obasa assured Lagosians that the Assembly will conduct a thorough review of the proposal.
He stated:
“Now that the presentation has been made, this Honourable House will meticulously perform its constitutional duty to ensure that the budget serves the collective interest of all Lagosians.”
Lagos State House of Assembly reaffirmed its commitment to collaborate with the Executive to ensure that the 2026 fiscal year accelerates inclusive development, infrastructure expansion, and improved service delivery across the State.
