Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, showered encomium on Governor Babajide Sanwo-Olu for what he described as a sustained record of “resourceful consistency” in steering Lagos through economic challenges and driving infrastructure development.
Obasa made the remarks on Tuesday during the formal presentation of the 2026 Appropriation Bill at the Assembly Chamber.
Governor Sanwo-Olu presented a ₦4.237 trillion spending plan tagged “Budget of Shared Prosperity”, outlining government priorities for the coming year.
Obasa commended recent national economic milestones, including the International Monetary Fund’s confirmation that Nigeria has cleared its debt obligations and the Financial Action Task Force’s removal of Nigeria from its grey list.
He also highlighted the positive impact of the National Education Loan Fund (NELFUND) and praised First Lady Senator Oluremi Tinubu for initiatives promoting women’s economic empowerment, menstrual hygiene for schoolgirls, and educational development.
The Speaker lauded the governor’s leadership, noting Lagos’ emergence as the first African city to host the E1 Racing Championship.
He said the proposed budget’s strong focus on healthcare, education, transportation, security, and governance aligns with Lagos’ long-term development goals.
He said, “I extend our sincere appreciation to Mr. Governor and his team for crafting a comprehensive budget that aligns with Lagos’ aspirations for growth and development.
“Mr. Governor, permit me to commend your astuteness, courage, forthrightness and determined spirit toward a greater Lagos. You have maintained a track record of resourceful consistency , steering our state through economic challenges while driving infrastructure development. “
He listed the priority areas the budget aims to address, recalling a robust relationship that had existed between the executive and legislative arms of the state.
“This budget priorities critical sectors -healthcare, education, transportation, security and governance -fundamental to sustaining Lagos’ position as Africa’s leading economic hub.
While unveiling the proposal, Governor Sanwo-Olu said, “The year 2026 Appropriation Bill, ‘Budget of Shared Prosperity’, is a reaffirmation of our collective belief that Lagos can contribute to rise, continue to lead and continue to create opportunities for every resident of Africa’s preferred megacity.”
He noted that the budget has a total revenue estimate of ₦3,993,774,552,141, supported by Internally Generated Revenue of ₦3,119,774,552,141 and Federal Transfers of ₦874 billion.
He explained that this revenue projection leaves a deficit financing requirement of ₦243,332,457,167.
Sanwo-Olu, who told lawmakers that capital expenditure for the year is proposed at ₦2,185,085,419,495, while recurrent expenditure is estimated at ₦2,052,021,589,812, stated that the recurrent component includes overheads, personnel costs and debt obligations.
According to Sanwo-Olu, “The total overhead cost stands at ₦1,084,245,843,091, a figure which incorporates general overheads, subventions and dedicated expenditure, adding that Personnel costs amount to ₦440,494,339,384, recurrent debt charges stand at ₦143,876,701,943, and debt repayments total ₦383,404,705,394.”
He said the sectoral allocations for 2026, stating that General Public Services will receive ₦847,472,071,966, while Public Order and Safety takes ₦147,040,088,897.
The government has earmarked ₦1,372,307,808,626 for Economic Affairs, ₦235,957,235,138 for the Environment, and ₦123,760,310,429 for Housing.
The health sector receives ₦338,449,258,945, Recreation gets ₦54,682,339,586, Education receives ₦249,132,921,287, and Social Protection is allocated ₦70,024,171,038.
Sanwo-Olu said that 2026 holds special significance as the last full year of his administration.
“This period is pivotal for consolidating our legacy and ensuring a strong, successful finish,” he said.
He added that his government remains determined to complete all ongoing and initiated projects and will continue engaging Lagosians to ensure that their priorities shape government decisions.
The governor noted that Lagos is now “moving into a phase of accelerated impact,” adding that the state’s investments in infrastructure, human capital, social systems and governance are “deliberate, inclusive, future-focused, and prosperity-driven.”
Sanwo-Olu reaffirmed his administration’s objectives, stating: “To keep Lagos secure, to keep Lagos working, to keep Lagos growing, and to ensure that this growth and prosperity are shared by all who call this hub of excellence home.”
Governor Sanwo-Olu commended the Lagos State House of Assembly, describing the lawmakers as “a dependable partner on every step of this journey,” and expressed gratitude for their cooperation and oversight.
He also applauded the Lagos civil service for the “diligent work they do daily, translating lofty goals into transformational results.”
Obasa reaffirmed the Assembly’s commitment to thorough scrutiny of the budget, emphasising that good governance in Lagos is a product of effective collaboration between the executive and legislature.
He cited recent legislative approvals, including a monthly irrevocable Standing Payment Order for the Smart Solar All-in-One Streetlight Project and an oversubscribed ₦125 billion bond issuance, as evidence of investor confidence in the state’s fiscal discipline.
He also celebrated the passage of the Lagos State University of Medicine and Health Sciences Law, which establishes a specialised institution aimed at curbing the “japa” trend and creating opportunities for young health professionals to remain in the state.
Reflecting on the 2025 budget performance, Obasa said Lagos had recorded notable progress in health, education, transport, and security sectors.
He stressed that the 2026 proposal must further strengthen economic resilience, improve welfare, and enhance security and infrastructure.
The Speaker also praised newly elected local government and LCDA chairmen for significant achievements within their first 100 days, particularly in road construction and grassroots service delivery.
He also acknowledged the efforts of the All Progressives Congress (APC) under President Bola Tinubu in implementing reforms aimed at easing hardship for Nigerians, urging citizens to support the party in upcoming elections.
The Speaker concluded by extending condolences to the governments and people of Kebbi, Niger, Zamfara States, and the Nigerian Army over recent tragic incidents, assuring them of Lagos State’s solidarity and prayers.Obasa