Ikeja, November 26, 2025 – Governor Babajide Sanwo-Olu on Wednesday laid before the Lagos State House of Assembly a record ₦4.2 trillion Appropriation Bill for the 2026 fiscal year, representing a 28% increase over the 2025 budget of ₦3.28 trillion. Dubbed the “Budget of Sustainable Growth,” the proposal maintains a capital-to-recurrent ratio of 60:40 and channels the largest share of funds to infrastructure development.
Of the total ₦4.2 trillion, ₦2.52 trillion (60%) is allocated to capital expenditure while ₦1.68 trillion (40%) will cover recurrent spending. The sectoral breakdown shows Works and Infrastructure receiving the highest vote of ₦1.18 trillion, followed by Education (₦498.8 billion), Health (₦298.6 billion), Environment and Water Resources (₦258.4 billion), and Transportation (₦214.7 billion).
Governor Sanwo-Olu told lawmakers that the budget will fast-track completion of flagship projects including the Red and Blue Lines of the Lagos Rail Mass Transit, the Fourth Mainland Bridge (construction to commence in 2026), the Opebi-Mende-Ojota Link Bridge, and the Lagos-Badagry Expressway reconstruction. Significant resources are also dedicated to flood abatement, waste management, and the Greater Lagos urban renewal programme.
The Governor projected total revenue of ₦3.9 trillion from IGR, federal transfers and capital receipts, with the balance to be financed through a combination of internal and external borrowing within the state’s approved fiscal limits.
Speaker Mudashiru Obasa praised the infrastructure focus and pledged that the House would expedite passage before the end of 2025 to ensure implementation from January 1, 2026.
Markets: Equities Add ₦95 Billion, Black Market Dollar Stays Elevated
In the capital market, the Nigerian Exchange closed higher on Tuesday as investors reacted positively to the Central Bank’s decision to hold rates steady. The All-Share Index gained 0.17% to settle at 97,814.27 points, lifting total market capitalization by ₦95 billion from ₦59.12 trillion to ₦59.215 trillion.
On the currency front, the dollar exchanged for between ₦1,670 and ₦1,685 in the parallel market on Wednesday morning, remaining near the multi-month highs recorded last week amid persistent year-end demand pressure.
Clarion Newschannel – Accurate. Timely. Verified.
Lagos Presents Historic ₦4.2 Trillion 2026 Budget, Up 28% with Massive Infrastructure Push
