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Lagos Sets N4.237 Trillion 2026 Budget To Drive Shared Prosperity And Economic Growth.
Lagos Governor Babajide Sanwo-Olu has presented a proposed N4.237 trillion budget for 2026, seeking legislative approval for the state’s expenditure in the coming year. According to sources, the budget, dubbed the “Budget of Shared Prosperity,” is structured around four pillars: human-centred development, modern infrastructure, a thriving economy, and effective governance, in line with the administration’s T.H.E.M.E.S+ Agenda and parastatal monitoring framework.....KINDLY READ THE FULL STORY HERE▶
The governor explained that the proposed expenditure is designed to widen access to opportunities, strengthen social support systems, boost job creation, accelerate infrastructure delivery, and advance development across Lagos. A substantial portion of the budget is expected to be financed through projected Internally Generated Revenue of N3.12 trillion and federal transfers, with the balance covered by bonds and loans within the state’s fiscal sustainability limits.
Sanwo-Olu revealed that capital expenditure would reach N1.372 trillion, allocated to Economic Affairs sectors including Tourism and Creative Arts, Agriculture, Transportation, Works and Infrastructure, Industry and Investments, Wealth Creation and Employment, Energy and Mineral Resources, Waterfront Infrastructure, and Commerce. The administration also plans to expand quality education, enhance healthcare, broaden social protection, and promote affordable housing.
The governor emphasized that infrastructure development would shift toward integration, highlighting urban renewal and improved waste management to strengthen flood resilience. Smart city initiatives aimed at connectivity, traffic management, and public service delivery are also planned. Economic growth will be driven by support for MSMEs, circular economy initiatives, innovation, start-ups, and empowerment of women, youth, and persons living with disabilities.
Sanwo-Olu described Lagos as Africa’s second-largest city economy, attributing its growth to consistent productivity and the resilient “Lagos spirit.” He stressed that the 2026 budget reflects a commitment to eradicating poverty, expanding opportunities, and creating a Lagos that works for all residents.
The budget comprises N2.052 trillion for recurrent expenditure (48%) and N2.185 trillion for capital projects (52%). Sectoral allocations include N147 billion for security, N249 billion for education, N339 billion for health, N236 billion for the environment, N124 billion for housing, N848 billion for general public service, N55 billion for recreation, and N70 billion for social protection.
Sanwo-Olu expressed confidence in completing ongoing projects, engaging residents in governance, and leveraging reforms under President Bola Ahmed Tinubu’s administration to generate new revenue streams. He highlighted that Lagos accounts for over 40% of the country’s foreign direct investment and has secured over N1 trillion in investment commitments in 2025.
Speaker of the Lagos State House of Assembly, Mudashiru Obasa, described the budget as comprehensive and aligned with Lagos’ growth objectives. He pledged that the Assembly would meticulously review the Appropriation Bill to ensure it meets the aspirations of Lagos residents.
Former Adviser to President Bola Tinubu on Political Matters, Hakeem Baba-Ahmed, has warned that Nigeria is not safe amid rising tensions in Iran.....KINDLY READ THE FULL STORY HERE▶
He recalled that the United States and Israel launched airstrikes on Iran on Saturday, killing the country’s Supreme Leader along with other senior political and military officials.
Speaking on Trust TV, Baba-Ahmed criticized US President Donald Trump’s decision to attack Iran, saying it has unleashed chaos and heightened global instability.
He stated, “Nigeria too is in trouble. We are not safe with what is happening in Iran.
“The world now knows that two days ago, the United States and Israel attacked Iran, killing its leader, top political and military officers, and several other citizens.
“The intention was clearly regime change — either removing Iran’s leadership entirely or allowing its citizens to select a new government.
“Unfortunately, such actions rarely go as planned. What we are seeing now is widespread chaos, a prolonged crisis within and around Iran, and unrest across the globe.”
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Tinubu Shuffles Ministers: President Bola Ahmed Tinubu on Tuesday nominated Mr. Taiwo Oyedele as Minister of State for Finance, replacing Dr. Doris Anite-Uzoka. Anite-Uzoka has been redeployed to the Ministry of Budget and National Planning as Minister of State, marking her third ministerial appointment under the current administration.....KINDLY READ THE FULL STORY HERE▶
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Global Oil Prices Surge: Brent crude jumped above $84 per barrel on Tuesday amid rising Middle East tensions, sparking fears of extended conflict and supply disruptions. As of 7:00 a.m. ET, Brent Crude had climbed 8.36% to $84.24 per barrel.
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DSS Arrest Security Operatives: The Department of State Services (DSS) detained several security personnel linked to the return of former Kaduna State Governor Nasir El-Rufai from Egypt on February 12. Reports indicate the agency attempted to arrest El-Rufai at Nnamdi Azikiwe International Airport, Abuja, but the operation was unsuccessful.
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Lassa Fever Outbreak Worsens: Nigeria faces a rising Lassa fever crisis, with new deaths reported in Taraba, Benue, Plateau, and Edo states. The Nigeria Centre for Disease Control (NCDC) notes a steady increase in confirmed cases, with frontline healthcare workers particularly affected as several doctors and nurses have contracted the virus.
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Naira Depreciates: The Naira weakened on Tuesday, trading at N1,376 per dollar in the parallel market, down from N1,370 on Monday. In the Nigerian Foreign Exchange Market (NFEM), the currency fell to N1,390 per dollar for the second time this week.
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Rivers Assembly Screens Commissioners: The Rivers State House of Assembly has received Governor Siminalayi Fubara’s list of commissioner-nominees and invited nine for screening and confirmation. The submission follows the dismissal of eight commissioners three weeks ago, a move unaffected by the Supreme Court ruling affirming Martin Amaewhule as the Assembly’s authentic Speaker.
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INEC Approves Staff Promotions: The Independent National Electoral Commission (INEC) has approved the promotion of 2,339 personnel in its 2025 Senior Staff Promotion Exercise. The decision, announced by Mrs. Victoria Eta-Messi in Abuja on Tuesday, highlights the commission’s focus on career growth, institutional continuity, and organizational stability.
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Baby Factory Conviction in Ondo: The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) secured 14-year jail terms for Abiodun Ogundeji and Happiness Ogundeji for running a baby factory in Ilutitun, Okitipupa LGA, Ondo State. NAPTIP Lagos Zonal Commander Mrs. Comfort Agboko confirmed the verdict during a briefing in Ikeja on Tuesday.
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Trump Rejects Iran Talks: US President Donald Trump stated on Tuesday that it was “too late” for negotiations with Iran, despite Tehran’s willingness. “Their air defense, Air Force, Navy, and Leadership is gone. They want to talk. I said ‘Too Late!’” Trump posted on Truth Social, two days after previously agreeing to talks amid the ongoing Israeli-US airstrikes on Iran.
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FG Bans Cash Tax Collection and Roadblocks: The Nigerian Federal Government has prohibited cash collection of taxes and the erection of roadblocks for revenue enforcement, under new nationwide tax regulations. Executive Secretary of the Joint Revenue Board, Mr. Olusegun Adesokan, announced this during the signing of the Presumptive Tax Regulations and Guidelines in Abuja on Tuesday.
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The Chairman of Ahoada West Local Government Area, Hon. Eugene Ekpelle, is being accused of assault by his former media aide, Minnie Ogadinma.....KINDLY READ THE FULL STORY HERE▶
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