The Lagos State Government says its 2026 N4.444 trillion “Budget of Shared Prosperity” is designed to deepen infrastructure development, economic diversification, housing delivery and inclusive social growth across the state.
The Commissioner for Economic Planning and Budget, Ope George, disclosed this on Tuesday during the 2026 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
George said the budget, signed into law by Gov. Babajide Sanwo-Olu, was strategically structured to strengthen institutional reforms and improve residents’ quality of life.
“The 2026 Budget of Shared Prosperity reflects the state government’s commitment to infrastructure sustainability, economic resilience and inclusive development for all Lagos residents,” he said.
According to him, the budget comprises N2.338 trillion capital expenditure and N2.106 trillion recurrent expenditure, representing a 53:47 ratio aimed at accelerating economic growth.
Ina breakdown, George explained that N1.467 trillion had been allocated to critical infrastructure projects in transportation, healthcare, education and public works sectors across the state.
“We are investing heavily in strategic infrastructure that will reduce congestion, improve connectivity and stimulate economic activities across key commercial corridors in Lagos,” he said.
He identified major projects to include the Opebi-Mende Link Bridge and Eti-Osa/Lekki/Epe Expressway Phase IIB.
According to him, the Opebi-Mende Link Bridge will provide an alternative route connecting residential communities such as Mende and Maryland to Ikeja Business District.
“The bridge project will reduce pressure on major traffic bottlenecks, improve logistics efficiency and support urban renewal and commercial expansion within the axis,” George said.
On housing delivery, the commissioner said government was prioritising completion of several housing schemes targeted at low- and middle-income earners.
He listed the projects as including the 504-unit 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.
“Our housing initiatives are aimed at reducing the housing deficit and expanding access to affordable homes for Lagos residents,” he said.
George also disclosed that N87 billion had been earmarked for food security initiatives, including the Lagos Wholesale Produce Hub.
He added that N35 billion was allocated to tourism infrastructure projects such as the Badagry Point of No Return and the Lagos Heritage Centre.
According to him, N112 billion is also committed to energy and power development to improve productivity and strengthen the competitiveness of the Lagos economy.
“We recognise the importance of power and food systems in driving economic growth, investors’ confidence and sustainable development,” he said.
George further stated that institutional reforms remained a major pillar of the budget, with N33 billion allocated to technology and digital transformation initiatives.
He said the investment would automate government processes, improve revenue generation and enhance ease of doing business through faster service delivery.
On education, the commissioner said the Lagos Education Access Fund under the Education Outcomes Fund had moved into active implementation.
He explained that the initiative targeted over 200,000 children within three years through performance-driven education financing.
“The programme, supported by international partners, is expected to improve school enrollment and learning outcomes across Lagos State,” George said.
Speaking on fiscal performance, he disclosed that Lagos recorded 84 percent budget performance in the 2025 fiscal year.
He projected that first quarter performance for 2026 would range between 60 per cent and 70 per cent.
George attributed the trend to the fiscal cycle, noting that capital projects usually gained momentum after the first quarter following settlement of recurrent obligations.
“We remain committed to prudent fiscal management and people-centred policies that will continue to position Lagos as a globally competitive and economically prosperous state,” he said (NAN)
