By Adekunle Oluwafunmilayo
Over 52% Allocated to Capital Projects as Lagos Targets Human-Centric Growth, Infrastructure Expansion
Lagos State Governor, Babajide Sanwo-Olu, on Tuesday signed the 2026 Appropriation Bill into law, officially unveiling a ₦4.44 trillion budget christened the “Budget of Shared Prosperity.”
The signing ceremony took place at Lagos House, Ikeja, marking a critical fiscal milestone in the state’s ongoing development drive and reinforcing the administration’s commitment to inclusive growth, economic resilience, and improved quality of life for residents.
A breakdown of the 2026 budget shows a strong emphasis on long-term development, with ₦2.3 trillion—representing 52 per cent—earmarked for capital expenditure. This allocation underscores the state government’s focus on infrastructure development, urban renewal, transportation, healthcare, education, and other critical sectors.
Meanwhile, ₦2.1 trillion, or 48 per cent, is dedicated to recurrent expenditure, covering personnel costs, overheads, and the day-to-day running of government operations.
Human-Centric Development at the Core
Governor Sanwo-Olu noted that the 2026 fiscal plan is designed to build a human-centric city, prioritising the welfare of Lagosians while accelerating economic growth. According to him, the budget aligns with the administration’s vision of creating a modern, inclusive, and globally competitive megacity.
The spending framework is anchored on four key pillars:
Human capital development,
Modern and resilient infrastructure
A thriving and diversified economy
Efficient and accountable governance
Aligned with T.H.E.M.E.S+ Agenda
The 2026 Budget of Shared Prosperity is fully aligned with the state’s T.H.E.M.E.S+ Agenda, Lagos’ strategic development blueprint covering:
Traffic management and transportation
Health and environment
Education and technology
Making Lagos a 21st-century economy
Entertainment and tourism
Security and governance
The budget also incorporates a robust monitoring and performance framework, aimed at ensuring effective implementation, transparency, and value for money across all ministries, departments, and agencies.
Sustaining Growth Amid Economic Pressures
The governor reiterated that the budget reflects a balanced response to current economic realities, including inflationary pressures and rising service demands, while safeguarding Lagos’ position as Nigeria’s economic hub.
With the signing of the Appropriation Law, implementation is expected to commence immediately, setting the tone for accelerated development and shared prosperity across the state in 2026.
Credit: GuardianNigeria
