Lagos commissioner breaks down 2026 N4.444 trillion budget, reaffirms administration’s focus on development
By Adeola Ogunrinde
The Commissioner for Economic Planning and Budget, Ope George, said the 2026 “Budget of Shared Prosperity” signed by Governor Babajide Olusola Sanwo-Olu is designed to strengthen infrastructure sustainability, economic diversification, institutional reforms, and inclusive social development across Lagos State.
He disclosed that the ₦4.444 trillion budget comprises ₦2.338 trillion for capital expenditure and ₦2.106 trillion for recurrent expenditure, reflecting a 53:47 capital-to-recurrent ratio aimed at accelerating growth and improving residents’ quality of life.
George stated that ₦1.467 trillion was allocated to critical infrastructure projects across transportation, healthcare, education, and public works, including the Opebi-Mende Link Bridge and the Eti-Osa/Lekki/Epe Expressway Phase IIB to ease traffic congestion and boost economic activity.
He added that the housing sector will see continued investment through schemes such as LAGOSHOMS Sangotedo Phase II, Epe Housing Scheme, Ibeshe Phase II, Late Abdul-Wahab Oke Benson Estate, LAGOSHOMS Ajara-Badagry, and the Egan Mixed Housing Scheme to reduce the housing deficit.
According to him, ₦87 billion was allocated to food security initiatives including the Lagos Wholesale Produce Hub, ₦35 billion to tourism projects such as the Badagry Point of No Return and Lagos Heritage Centre, and ₦112 billion to energy and power development to enhance productivity and competitiveness.
He explained that institutional reforms remain central to the budget with ₦33 billion committed to technology and digital transformation aimed at automating government services, improving revenue generation, and enhancing ease of doing business in the state.
George noted that Lagos recorded an 84 percent budget performance in 2025 and projected a 60 to 70 percent performance rate for the first quarter of 2026, in line with the fiscal cycle where capital implementation gains momentum after early recurrent obligations.
He went further to reaffirm the ministry’s commitment to prudent fiscal management, economic resilience, and people-centred policies that will continue to position Lagos as a smart, competitive, and economically prosperous state.
