Sanwo-Olu

Governor Babajide Sanwo-Olu is preparing to present a proposed N4.2tn budget for the 2026 fiscal year to the Lagos State House of Assembly, after lawmakers confirmed receiving a formal request from him to schedule the presentation date.

On Monday, the Assembly disclosed that it had received an official letter from the governor asking members to set a suitable day for him to lay the 2026 Appropriation Bill before the House.

According to the communication, “the governor is proposing a total budget estimate of N4.27tn for the 2026 fiscal year.”

The letter, read by the Clerk, Olalekan Onafeko, officially initiated the legislative process that precedes the budget presentation.

As of press time, the Assembly had yet to announce a date for the governor’s appearance.

When asked on Tuesday about when Sanwo-Olu would present the budget, Clerk Onafeko said he would respond but had not yet done so.

The proposed N4.2tn spending plan represents a major jump in Lagos State’s annual budget, which has expanded by more than N3tn within five years.

Budget records show that Lagos’ appropriation has risen from N1.1tn in 2021 to the N4.2tn now being proposed for 2026 a growth of N3.074tn under Governor Sanwo-Olu.

In 2022, the budget moved to N1.75tn, followed by N1.76tn in 2023, and a significantly higher N2.26tn in 2024.

By 2025, Lagos surpassed the N3tn mark with a N3.366tn budget, ahead of the even larger N4.237tn proposed for 2026.

Reacting to the rising trend, an economist and Chief Executive of Cowry Treasurers Limited, Charles Sanni, described the expanding budget size as a positive development.

“The intention of the government should always be positive and upward-looking,” he said.

Sanni added that a growing budget is not a cause for concern.

“If it’s going down, we have a cause to worry,” he said.

“So, speaking to that, I’m not worried; it’s a welcome development. It means that the government is expanding its infrastructure. If we’re seeing that increase in the capital expenditure, that speaks well; it means the economy is growing.”

He also pointed to factors influencing the steady rise, including inflation and higher allocations to states.

“The impact of the inflation must be well captured in that budgetary proposal, which is the impact you’re seeing. Thirdly, after the naira floatation (and fuel subsidy removal), state governments have received a greater percentage of the allocation. So it is expected that we see this level of increase in the budget,” he said.

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