Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has praised Governor Babajide Sanwo-Olu for what he described as a steady record of “resourceful consistency” in navigating economic challenges and driving Lagos’ infrastructural growth.
Obasa delivered the commendation on Tuesday during the formal presentation of the 2026 Appropriation Bill at the Assembly Chamber, where Governor Sanwo-Olu unveiled a ₦4.237 trillion spending proposal tagged the “Budget of Shared Prosperity.”
Commendations and National Outlook
The Speaker lauded recent national economic milestones, including the IMF’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 impact of the National Education Loan Fund (NELFUND) and applauded First Lady Senator Oluremi Tinubu for initiatives promoting women’s economic empowerment, menstrual hygiene for schoolgirls, and educational development.
Obasa also noted Lagos’ growing global profile, citing the state’s emergence as the first African city to host the E1 Racing Championship.
Budget Priorities in Focus
According to the Speaker, the proposed 2026 budget aligns with Lagos’ long-term development goals, with significant focus on healthcare, education, transportation, security, and governance.
Governor Sanwo-Olu, while presenting the budget, reaffirmed that the proposal represents Lagos’ commitment to “continue to rise, lead, and create opportunities for every resident.”
The governor outlined a total revenue projection of ₦3.99 trillion, comprising ₦3.12 trillion in Internally Generated Revenue and ₦874 billion in Federal Transfers, leaving a ₦243.3 billion deficit financing requirement.
He explained that capital expenditure is projected at ₦2.185 trillion, while recurrent expenditure stands at ₦2.052 trillion, covering overheads, personnel costs, and debt obligations.
Sectoral Allocations
Sanwo-Olu disclosed the major allocations for 2026 as follows:
- General Public Services: ₦847.47bn
- Public Order and Safety: ₦147.04bn
- Economic Affairs: ₦1.37tn
- Environment: ₦235.96bn
- Housing: ₦123.76bn
- Health: ₦338.45bn
- Recreation and Culture: ₦54.68bn
- Education: ₦249.13bn
- Social Protection: ₦70.02bn
He emphasised that 2026—his administration’s last full year—will be pivotal for consolidating ongoing projects and accelerating development across the state.
Assembly’s Commitment and Recent Achievements
Obasa reaffirmed the Assembly’s commitment to a thorough review of the budget, stressing that Lagos’ progress is built on strong collaboration between the executive and legislature. He cited recent legislative actions, including the irrevocable Standing Payment Order for the Smart Solar Streetlight Project and the oversubscribed ₦125 billion state bond, as proof of investor confidence.
He also highlighted the passage of the Lagos State University of Medicine and Health Sciences Law, aimed at retaining young health professionals and curbing the “japa” trend.
Broader Governance Context
Reflecting on the 2025 budget performance, the Speaker noted significant gains in health, education, transportation, and security. He also commended newly elected local government and LCDA chairmen for impressive strides in their first 100 days, especially in road construction and grassroots development.
Obasa further applauded the APC-led federal government under President Bola Ahmed Tinubu for ongoing reforms and encouraged Nigerians to continue supporting the party.
He concluded by extending condolences to the governments and people of Kebbi, Niger, and Zamfara States, as well as the Nigerian Army, over recent tragic incidents, assuring them of Lagos State’s solidarity and prayers.