Sanwo-Olu Signs Lagos N4.4tn 'Budget of Shared Prosperity' into Law, Promises Accountability, Value for Money

By: Israel Adeleke

OPEN TELEVISION NAIJA (OTN) News reports as gathered that the Lagos State Governor, Babajide Sanwo-Olu, has signed the 2026 Appropriation Bill, christened the Budget of Shared Prosperity, into law, marking a major fiscal milestone aimed at strengthening governance, accelerating development and improving the quality of life of residents across the state.

OTN News further reports as gathered that the signing ceremony, held on earlier this week at Alausa, the seat of power, officially gives legal backing to the N4.444 trillion budget, which was passed by the Lagos State House of Assembly on January 8 and subsequently transmitted to the Executive for assent.

Speaking at the event, Governor Sanwo-Olu described the budget as a bold and inclusive fiscal framework designed to reinforce the foundations of governance, sustain Lagos’ competitiveness and reposition the state for long-term growth. 

He said the 2026 budget reflects his administration’s commitment to inclusive governance that impacts residents regardless of their location or sector of engagement.

The Governor noted that the state is entering the new fiscal year amid significant governance challenges, citing the recent fire outbreak at Balogun Market on Lagos Island and the ongoing demolition of shanties along the coastal corridor of Ebute Metta. According to him, these challenges underscore the urgent need for improved infrastructure and enhanced service delivery.

Sanwo-Olu expressed confidence that the newly signed budget would strengthen the capacity of government to address emerging challenges and make Lagos more resilient.

“This is an inclusive budget designed to carry every resident and community along, irrespective of where they live in the State or sector in which they operate,” the Governor said.

“Our residents will feel the touch and impact of governance across areas of our priorities, including education where we will build new schools, and the health sector where new facilities will be constructed. There are various interventions we will implement to enhance and improve the quality of life,” he added.

He further added that security remains a major priority, assuring residents that the government would continue to invest in improved security services to ensure Lagos remains safe for businesses and habitation.

Sanwo-Olu pledged responsible implementation of the budget, emphasizing accountability and value for money.

“In the end, Lagosians will feel the impact of the great effort which the Executive and the House of Assembly have made,” he said.

Looking ahead, the Governor said the 2026 fiscal year would place strategic emphasis on infrastructure renewal, transportation expansion, agricultural development and other growth-enhancing initiatives. These, he explained, are expected to stimulate productivity, support micro, small and medium enterprises (MSMEs), create jobs and drive broad-based economic growth.

Sanwo-Olu also raised concerns over indiscriminate waste disposal across the metropolis, describing the situation as “completely unacceptable.” 

He urged residents to take greater responsibility in protecting the environment, while revealing plans by the state government to double the operational capacity of the Lagos State Waste Management Authority (LAWMA) and private waste operators.

Earlier, the Commissioner for Economic Planning and Budget, Mr. Ope George, said the 2026 Appropriation Law reflects deliberate and people-centred planning aimed at building a more resilient Lagos and positioning the state for future growth. He described the budget as a “bold and disciplined fiscal response to prevailing economic realities.”

George disclosed that the budget was reviewed upward from the initial N4.2 trillion proposed by the Executive, following rigorous legislative scrutiny and committee engagements with Ministries, Departments and Agencies (MDAs).

According to him, the expenditure framework is balanced, with N2.337 trillion allocated to capital expenditure, representing 53 per cent of the total budget, while N2.107 trillion, or 47 per cent, is earmarked for recurrent expenditure.

“This balance reflects a clear policy choice to sustain strategic infrastructure investment while ensuring the efficient delivery of essential government services that directly affect the daily lives of Lagosians,” he said.

He added that the strong performance of the 2025 budget provides a solid foundation for the effective implementation of the 2026 Budget of Shared Prosperity.

On behalf of the Lagos State House of Assembly, the Speaker, Rt. Hon. Mudashiru Obasa, represented by the Majority Leader, Hon. Noheem Adams, said the legislature subjected the budget to thorough scrutiny to ensure it reflects the aspirations of Lagos residents.

“The budget has been well scrutinised and we have confidence in the capacity of the Executive to implement the document to the letter,” Adams said.